SecondaryWire Launches Online Loan Exchange, Supports Reverse Mortgages

An online wholesale mortgage loan exchange launched this week, including support for reverse mortgage transactions.

SecondaryWire has announced its wholesale trading platform will allow brokers and lenders to execute trades through its free membership service.

“We’ve completed a cutting-edge technology that ensures that brokers receive the best price for their loans and enables lenders to dramatically reduce the cost of acquiring loans and increase their profits,” said Katherine Chalmers co-founder and executive vice president of marketing for SecondaryWire, Inc. “Our aim was a trading platform that addressed the needs of both sides of a wholesale transaction—without forfeiting existing relationships—and we achieved that goal.”

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Through the service, lenders are able to purchase loans from anywhere in the U.S., without having to open branches or add loan officers.

“SecondaryWire was designed with the requirements of the wholesale market in mind by people who worked in the arena, understand the market, and knew how to improve it,” Chalmers said.

Written by Elizabeth Ecker

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  • This sounds interesting. Exchanges of this nature has worked well in the traditional lending world, especially with small bank consortiums.

    However, reverse mortgages are different. Is this a company that is an aggregator and then will they be selling off the product to a GNMA issuer?
    It will be interesting to find out more about them and how they will be operating from an infrastructure standpoint?

    John Smaldone

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