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Secondary Market Insider

Three cooperatives have negotiated deals that expand the secondary offerings available to their respective members, and a New York lender announced agency approval. Next week, New York will host the secondary mortgage market’s annual event, while next month marks the end of business for a warehouse lender.

Beginning at the opening reception at 5 p.m. on May 23 and finishing on the evening of May 26, the Mortgage Bankers Association will host its National Secondary Market Conference & Expo 2010 at the Hilton New York.

MBA’s complete brochure for the event is online at

The PNC Financial Services Group expects to exit its warehouse lending business sometime around next month, Fred Solomon, vice president corporate communications, said in a statement to He declined to comment on the number of impacted employees.

The company originally disclosed plans to close the unit — which was inherited from the acquisition of National City corp. — in March 2009.

“PNC conducted a thorough review of the business case for mortgage warehouse lending and determined that this operation does not fit our strategy,” a statement at the time said.

Freddie Mac approved Beech Street Capital as a seller-servicer for the New York area, a news release last month said. Bethesda, Md.-based Beech Street originates loans both directly and through a correspondent relationship with correspondent lenders including Meridian Capital Group LLC.

Lenders One Mortgage Cooperative issued an April 5 statement indicating that an earlier announcement on March 31, “Lenders One, Fannie Mae Announce Contract Renewal,” was only intended for Lenders One members and was not intended to be distributed as a press release.

SunTrust Mortgage Inc. was selected by Community Bank Mortgage LLC as one of three preferred secondary market investors, a May 5 statement said. Banks that own an interest in Community — a mortgage cooperative — can sell loans on a servicing-released basis to SunTrust Mortgage. The relationship gives the banks access SunTrust’s full line of products, including jumbo loans.

Community was launched in 2007 as a subsidiary of the American Bankers Association. Its 53 member-owners include ABA community banker members. Most have less than $165 million in assets.

Enhancements to BondEdge Version 3.2 help institutional investors assess risk on prime and subprime residential mortgage-backed securities, according to an April 28 statement. The improved offering also handles fixed and adjustable-rate mortgage pools, collateralized-mortgage obligations and asset-backed securities.

BondEdge said its new multi-factor term structure model computes analytic risk measures and provides interest-rate and credit-spread simulation analysis on prime and subprime RMBS. It also provides more nonprime RMBS collateral detail and security-specific prepayment model scaling tool for prime RMBS.

Dexma Imagility is now available for correspondent and wholesale channels, Dexma Inc. recently announced. The offering will reportedly make it easier for broker and correspondent originators to do business with large and mid-sized lenders, while improving mortgage profitability. Pricing is transaction based.

“For the first time all parties can see and share all documents related to a loan –as well as any gaps — in real time,” Dexma Chief Executive Officer Steve Mase said in the press release.

A strategic alliance announced in March between Capital Markets Cooperative and Motivity Solutions promised to provide the Ponte Vedra Beach, Fla.-based cooperative’s members the ability “to bring together data from existing systems for the purpose of gaining strategic insight through powerful business intelligence and analytics.”

Daily independent evaluations for fixed-rate reverse mortgage-backed securities issued under Ginnie Mae’s Home Equity Conversion Mortgage program are now available through the pricing and reference data business of Interactive Data Corp., a recent press release stated. The New York-based company claims to be “among the first data providers in the industry to offer daily evaluations for fixed rate GNMA HMBS.”

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