MORTGAGE TECH PRODUCT SHOWCASE
Within mortgage lending, the secondary marketing function has typically been a mysterious and isolated ivory tower. Where performance in most areas of the lending business can be captured, understood, and analyzed by the executive management team, the performance of secondary markets can be difficult to pin down. The isolation of this critical function also introduces opportunity for profit-killing errors, unanticipated compliance violations and very little oversight.
To remedy this, senior trading staff at Mortgage Capital Trading, led by chief operating officer Phil Rasori, collaborated with clients and experts on staff to create MCTlive!
After a soft launch of MCTlive! to its client base five years ago, MCT invested significant time and resources to actively solicit client feedback and make improvements. Today, MCTlive! is used by more than 250 capital markets departments who rely on it for daily advisory services, comprehensive reporting, live market color and ongoing education to implement their hedging and execution strategies.
“Our clients use this platform as a capital markets system-of-record with clear performance analytics that can be tracked and understood by executive management on a daily basis,” Rasori said. “This is the definition of a game changer.”
The MCTlive! platform is continuously adding functionality that increases the value for MCT clients. The company pioneered the automated bulk bidding process that nearly all leading investors have adopted to buy loans through the correspondent channel. In addition, MCT has rolled out live connections with the GSEs that allow clients to enact trades and loan sales completely within the MCTlive! platform.
Many of the most popular features of MCTlive! were identified through the close working relationship between senior trading staff and the secondary marketing departments they serve.
“Working as a team and interfacing throughout the day on a variety of critical capital markets functions, MCT staff are uniquely attuned to finding more efficient processes and conceptualizing new functionality through collaboration with clients,” said Curtis Richins, president of MCT.
This includes the real-time reporting and browser-based access provided by MCTlive! Where traditional hedge advisors provide only a daily Mark To Market (MTM) report, a robust array of reports leveraging live data can be autonomously generated by clients within MCTlive! at any time. Where traditional desktop-based software restricts secondary market managers to their desk, MCTlive! can be accessed anytime, anywhere through the secure online interface.
“We have been widely recognized for our consultative and educational approach to clients. We broke the mold on long-term contracts and still today, engage with all of our clients on a month-to-month basis,” Rasori said.
MCT continues to break new ground with its collaborative client relationships, providing transparency and efficiency to the secondary marketing function, which might explain the company’s 99% client retention rate.