LendTrade launched at the Mortgage Bankers Association 100th Annual Convention & Expo. The online community connects secondary market loan professionals directly with buyers and sellers.
Previously, traders relied on a middleman to find potential buyers or sellers. However, the new community allows traders to connect directly without having to pay a middleman.
To start, they set up a profile and indicate the types of deals they are seeking. From there, when opportunities that meet their criteria are posted, members are notified and the two parties can negotiate their own deals.
"Some secondary market loan professionals need assistance negotiating and closing deals, and for that, advisors are valuable resources. However, many professionals know how to do their own deals, they just need the right buyer or seller," said Steve Schipper, LendTrade founder and CEO. "That’s where LendTrade comes in."