Just as NASDAQ® brings stock buyers and sellers together in a live trading arena, IMXBroker links you to IMX Exchange and today's leading mortgage lenders. IMXBroker and IMX Exchange leverage the power of both the Internet and e-commerce to replace the traditional paper chase with a state-of-the-art, real-time e-business trading environment. Here’s how the process works.
Information is posted on IMX Exchange about the borrower, property, loan terms, and a desired price by entering it into a simple form in IMXBroker or importing it from your LOS.
IMX Exchange checks to make sure that the loan application isn’t already in the system (duplicate loan postings are not allowed) and temporarily conceals borrower-specific information from the lenders while the auction takes place.
Lenders look for loans they want to consider by providing IMX Exchange with a set of loan guidelines. They can also choose to be notified immediately when a matching loan is posted on IMX Exchange to ensure that they have an opportunity to place a bid before the loan is sold to someone else. A bid is placed on IMX Exchange for all loans that a lender is interested in. More than one lender can bid on any open loan.
Bids are reviewed when received by the IMX Exchange or periodically throughout the day. The best bid is selected and locked using IMXBroker (only one lock-in is allowed per loan).
The winning bidder is notified when the bid is locked. The winning bid are made available to all bidders. The loan package is delivered in accordance with the terms of the bid using the normal delivery system.