True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

UWM has a plan to win a war of mortgage attrition

UWM's margins will fall all the way down to 75 to 110 bps. Mat Ishbia says it's the perfect environment to prove that his mortgage firm is truly elite.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Mortgage

MAXEX becomes direct seller to Fannie Mae, expands loan programs

Company reintroduced jumbo program last month

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.

Leave a comment

Most Popular Articles

How appraisers value homes in a hot housing market

How do appraisers value a home in a market where prices are escalating rapidly – and where nearly two-thirds of listed homes faced bidding wars in March? HW+ Premium Content

May 13, 2021 By

Latest Articles

Foreclosures down in April as moratorium continues

RealtyTrac and ATTOM Data Solutions found the number of properties with foreclosure filings in April are down 1% month over month and 17% year over year.

May 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please