Optimal Blue Launches New Product for Secondary Mortgage Market

Enterprise Analytics is a tool that allows users in the secondary mortgage market a way to study issues impacting mortgage and mortgage requests.

Optimal Blue, which assists the secondary mortgage market with everything from software services, to consulting, to real-time data, has launched its new product, Enterprise Analytics.

The Plano-based company touts Enterprise Analytics as “a powerful business intelligence and data visualization tool” that represents “the latest innovation in its best-in-class Enterprise Secondary Market Solution.”

Simply put, Enterprise Analytics is a tool that allows users in the secondary mortgage market a way to study issues impacting mortgage and mortgage requests, including lock activities and change requests. Here’s what those terms mean:

MORTGAGE SECONDARY MARKET

Many original mortgages are sold by originators — such as banks, credit unions and mortgage brokers — into what is known as a secondary market, populated by providers. The providers repackage those originated mortgages into mortgage-backed securities, which are then sold to investors that include pension funds, hedge funds, and insurance companies.

Before the housing sector crash can enter your mind, however, keep in mind that this secondary market helps make mortgages (and homeownership) more accessible to potential borrowers who might not otherwise qualify. Optimal Blue’s purpose in this industry is to provide software, platform, and other products to seamlessly link the originators, with the providers, with the investors.

Optimal Blue says it touches one out of every four mortgages processed.

MORTGAGE LOCK ACTIVITY

A mortgage lock is used by potential borrowers to “lock in” a particular rate while an application is being processed. Borrowers sometimes also need to pay a fee to extend rate locks, also known as lock extensions.

From a borrower’s perspective, this is a one-time thing. But originators are juggling hundreds and thousands of mortgage rates, locks and information, meaning that real-time data is necessary to “easily monitor and react to changes in market conditions, product mixes and loan activity,” Optimal Blue Senior Product Manager Sheryl Teague said.

In addition to providing a secondary mortgage market integration, Optimal Blue’s Enterprise Analytics are giving clients an in-depth look in lock activity and mortgage change requests, without having to research a lot of websites, or comb through a great deal of paperwork.

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