Mortgage News

BSI Financial Joins MCT’s Co-Issue Marketplace

BSI Financial Joins MCT's Co-Issue Marketplace

Mortgage Capital Trading, Inc., a leading mortgage hedge advisory and secondary marketing software firm, announced that BSI Financial Services (BSI) has become the latest investor to join BAMCO, MCT’s new marketplace for co-issue loan sales. BAMCO brings co-issue transactions directly into MCT’s whole loan trading platform and improves price transparency by connecting unapproved sellers to live executions from potential buyers.

“We’re very excited about having BSI on BAMCO as we move toward realizing MCT’s vision of every loan being priced to every investor,” said Justin Grant, Senior Director, Head of Investor Services at MCT. “Historically, lenders have had far more whole loan outlets than co-issue outlets – we’re seeking to change that with BAMCO. BSI aids in that goal while bringing their respected process and excellent team.”

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Co-issue loan sales, also known as flow-based mortgage servicing rights (MSR) sales, are a three-way transaction involving the sale of loans to one of the agencies with a simultaneous sale of the MSR to a separate third party, such as BSI Financial. BAMCO supports live, flow-based, loan-level MSR pricing, expanding execution options for sellers while creating new client acquisition opportunities for buyers. While co-issue executions via agency integrations have always been and will continue to be included in lenders’ loan sale best execution analysis, BAMCO provides a new section featuring direct co-issue pricing for both approved and unapproved buyers. Co-issue buyers have the choice to deliver standard grid-based co-issue pricing or loan-level bid tape co-issue pricing.

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Larry Goldstone, President of BSI Financial Services said, “BSI is pleased to partner with MCT to further enhance the value that they provide to their clients. Co-issue flow servicing is a very powerful component of the loan sale market, and BSI is pleased to be able to provide servicing sale opportunities to BAMCO clients via its participation in all three co-issue platforms, Fannie Mae SMP, Freddie Mac’s CIX and Ginnie Mae PIIT. Co-issue servicing sales greatly simplify the loan sale process directly to the three agencies, thereby simplifying and streamlining the loan sale process. Along with our participation on all three MSR exchanges, BSI stands ready to assist MCT’s clients with setting up and participating in the co-issue market. We have dealt with many small to mid-size originators, and pride ourselves on the technology and client and borrower experience that we bring to this market.”

BAMCO is a new set of executions within BAM Marketplace, the industry’s largest loan exchange which serves MCT’s mortgage lender clients.

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