A newly launched service for mortgage brokers and wholesale lenders promises to be the LendingTree of wholesale lending.
The new trading platform announced by SecondaryWire Inc. will help brokers and lenders “execute trades, increase profits, gain efficiencies [and] trim costs.”
The service was reportedly designed by people who previously worked in wholesale lending, according to the news release.
SecondaryWire said that membership is free.
The San Francisco-based firm claims the online platform ensures that brokers will obtain the best pricing by maximizing the number of bids received for a loan.
In addition, by providing more access to lenders, brokers will see fewer of their deals declined.
At the same time, the platform will make lenders more profitable by “dramatically” reducing the cost of acquiring loans. Lenders that are active on the platform will benefit from a steady flow of loans, SecondaryWire said.
“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,” SecondaryWire Co-Founder and Executive Vice President Katherine Chalmers said in the announcement.
