Plano-based Optimal Blue, a product and pricing engine tech provider for mortgage originators, said Thursday that it had created a joint venture with Denver-based Secondary Interactive, a pipeline risk management provider. The two companies say that their venture marks the "first time a vendor has coupled best efforts and mandatory functionality."
The new JV will allow lenders to manage loan eligibility and pricing, lock desk management, pipeline risk management and investor relations. According to executives at both companies, over the next few months they will be working to evolve the partnership to complete complex, loan level best executions for any type of forward commitment.
"Access to Optimal Blue's pricing data was a key because it enables the venture to use this information to allow clients to continually enhance their execution," said Don Brown, president at Secondary Interactive. "No one in the market today effectively deals with loan level adjusters and live-pricing in best execution scenarios."
"Both companies are contributing assets that will allow us to evolve together," said Larry Huff, co-founder and co-CEO of Optimal Blue. "We can work independently or collaboratively, making us the first company to have the entire spectrum of product eligibility, pricing and secondary marketing services covered."
For more information, visit http://www.optimalblue.com