Optimal Blue Secondary Services, a provider of web-based hedging, loan allocation and best execution services to the mortgage industry, unveiled the industry’s first automated bulk bid management module. This functionality is available as a component of the Optimal Blue Secondary Services system, a platform that combines real-time market pricing with accurate investor and market eligibility content to optimize profitability and efficiency for Optimal Blue’s mortgage origination clients.
Optimal Blue Secondary Services’ technology already gives originators the tools to scrub their data for logical and eligibility errors, and obtain accurate pipeline valuations daily. In addition, they’re able to understand the factors causing their pipeline valuations to change and maximize their best execution strategy with a real-time, multiple investor, multiple commitment style best execution and loan allocation platform. The automated bulk bidding functionality further enhances this model by enabling originators to tame unwieldy bulk bidding processes that currently force inefficient and potentially inaccurate spreadsheet manipulation. Rather than rely on spreadsheets, originators can now bring bids into the Optimal Blue system, and compare them against each other and also against existing executions without having to wrestle with spreadsheets.
“The automated bulk bid functionality enables our customers to send and receive bid files automatically, facilitating their ability to analyze multiple investor bid results and any other execution that is available to them in one, real-time best execution platform,” said Don Brown, Managing Director for Optimal Blue Secondary Services. Brown also noted that this innovative functionality expedites the bulk bidding process for Optimal Blue customers and, more importantly, ensures that these originators find their best execution every day, on every trade, and with every loan.
Patrick Ruybal, Risk Management Specialist at All Western Mortgage explained, “The most immediate impact with this new functionality is time savings. The new bulk functionality offers a clear view of a true execution within the Optimal Blue platform, allowing me to hit winning bids in a much timelier manner against market movement!”
He continued, “Allocating loans into the different execution types is also much more efficient, and I no longer need to create individual bulk commitments for individual loans.” Ruybal now experiences a significantly simplified process of importing his spreadsheet, viewing individual loan prices and then easily allocating everything under one commitment number.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.