Mandatory commitment maximum extension period temporarily changed
For mandatory (non-Servicing Execution Tool) commitments in Pricing & Execution – Whole Loan™, the maximum extension period has been temporarily moved from 30 days out to 60 days in order to provide more sellers greater flexibility in the current market environment. Any commitment extended for more than 25 days will still be ineligible for the auto-extension process. Prior to extending Servicing Marketplace™ commitments, sellers should validate with their servicing buyer’s rate sheet that the servicing will be eligible for purchase.
Servicing Marketplace, available in Pricing & Execution – Whole Loan®, brings together lenders and servicing buyers to increase transparency and operational efficiency.
With 10+ servicing buyers, seven vendors integrated, and all-in funding within 24 hours, Servicing Marketplace offers a flexible and certain source of liquidity to our customers.
Sellers can find new servicing buyers, and initiate relationships with buyers that meet their business needs.
- Simple relationship and contact management to establish relationships with servicing buyers
- Dashboard to review and select eligible loans for pricing
- Flexible options to negotiate pricing prior to committing and lock in servicing release premium (SRP) at time of commitment
- Supports sellers in their search for co-issue servicing partners
- Improves liquidity by delivering a standardized process to facilitate the concurrent sale of loan and servicing rights
- Provides all-in funding for the loan and servicing asset at the same time
- Retain selling reps and warrants, plus a direct relationship with Fannie Mae
- Easy-to-use interface available through Pricing & Execution – Whole Loan®
- Integrates with and accessible through seven technology service providers
- Premium rate sheet API
In the first half of 2021, single-loan co-issue committing currently available through SET will migrate to Servicing Marketplace™. For information, timeline, and more regarding this retirement, visit the SET page.
Overall, I am extremely impressed and satisfied with the SMP setup. It worked exactly how I thought it would and the time saving will be measurable.