MAXEX, which last month re-introduced its Jumbo Express loan program, announced today that it is has been approved as a direct seller to Fannie Mae and is expanding its conforming loan program.
MAXEX’s Chairman and CEO Tom Pearce announced the news in a letter to the company’s mortgage lender users, which also emphasized the company’s commitment to its customers during the pandemic.
“MAXEX was founded to address many of the root causes of the 2008 financial crisis, reduce friction and provide consistent liquidity to the mortgage markets,” Pearce said. “While no one expected the deep and rapid economic pain brought on by COVID-19, this crisis has served as an important test of the durability and value of our business model.
“Additionally, we worked with each exchange participant to create new standards around forbearance and early payment defaults that provided much-needed certainty and ensured the consistent flow of liquidity,” Pearce said. “Through it all, MAXEX has not had a single day during this crisis where we did not deliver pricing, accept new locks and honor pipeline commitments.”
The announcement stated that over 140 financial institutions have executed the company’s standardized legal agreement throughout the pandemic, achieving over $8 billion in lock trading volume. Borrowers include Wall Street banks, regional banks, REITs and insurance companies.
Pearce said that looking forward, the company will actively be expanding its loan programs and conforming loan program, as well as working with several of its exchange participants to develop the industry’s first non-agency flow-loan servicing retained offering, expected to launch before the end of this year.