On Monday, Altisource Portfolio Solutions S.A. (Altisource) announced the launch of noteXchange, a secondary market mortgage trading platform. The platform launched at the Lenders One Winter Conference in Orlando and will bring buyers and sellers together in a centralized exchange, enabling better communication and shorter sales cycles.
"We are excited to announce noteXchange as another innovative and proprietary technology to directly benefit our growing network of members, vendors and investors," said Bryan Binder, co-lead of Altisource Origination Solutions and CEO of Lenders One. "We worked closely with various buyers and sellers during the development process to create a product that would make the loan trading process more simple, transparent and secure. The beta phase consisted of more than 40 participants whose direct feedback helped shape the technology we are offering today. This product is another example of how Altisource continues to use technology and innovation to help shape the mortgage market, as well as help Lenders One members increase their profitability."
noteXchange is designed to replace the inefficient manual process of transactions using spreadsheets and email and centralize trading activity between buyers and sellers. In addition, noteXchange can facilitate faster trading through Thomson Reuters, which provides real-time pricing data to help inform bids on the market. Thomson Reuters-provided data gives buyers the ability to market instruments with 20-second updates in order for users to continue trading through volatile markets.
"This is a further demonstration of our commitment to deliver new and innovative solutions that empower mortgage professionals with the knowledge they need to evaluate risks and identify opportunities," said Adam Quinones, global head of mortgages and ABS at Thomson Reuters, Financial and Risk. "By collaborating with Altisource, we intend to deliver a unique and efficient solution to help our clients drive revenue."