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Frequently Asked Questions About IMX Exchange Membership

1.	What is IMX Exchange? What does IMX Exchange membership offer me?
2.	What lenders currently publish their programs and rates through IMX Exchange?
3.	I already conduct business with some or all of the lenders who are on IMX Exchange. What advantages are there to using IMX Exchange rather than going directly to a lender?
4.	What does it mean to be pre-approved with IMX’s participating lenders?
5.	If I am approved with IMX, am I approved with all of the IMX participating lenders?
6.	How do I get my borrowers’ 1003 information into your system for program and pricing matches?
7.	How long does it take to get lender program and pricing matches after the 1003 information has been submitted to IMX Exchange?
8.	Does IMX Exchange pull credit on borrowers?
9.	Do I get better pricing through IMX Exchange?
10.	How much does IMX charge for its services/membership?
11.	How does IMX make money?
12.	Is there a limit to the number of loan officers, processors or managers that can be setup through a membership?
13.	Are there any minimum requirements for submitting loans through IMX Exchange?
14.	My company is a net branch of a larger broker company. Can I become a member of IMX?
15.	Can I lock loans through IMX in states that I am not licensed to broker loans in?
16.	Can I apply for IMX membership if I am a loan officer?
17.	Does IMX have different access levels for managers, processors or loan officers?
18.	Do I have to use a loan origination software with IMX Exchange?
19.	What is the best way to get in contact with IMX?

1. What is IMX Exchange? What does IMX Exchange membership offer me?

IMX Exchange is a patented search engine that allows mortgage brokers to search for loan programs and pricing offered by its lender members. IMX’s lenders publish their programs, rates and pricing through IMX Exchange. Mortgage brokers post their 1003-type information to IMX for comparison against our lender database of programs. The user gets a one page grid of program matches from all lenders that offer programs that fit your borrower’s criteria. IMX Exchange also returns:

a.	Fully-adjusted, all-in, realtime pricing.
b.	Ability to submit locks online.
c.	Preapproval with all participating IMX Exchange lenders.
d.	Use of partial-match technology to assist with hard to place loans.
e.	One page side by side comparison of pricing and programs from all matching lenders.
f.	Interaction with IMX exclusive Lender Account Executives.
g.	Access to all types of programs such as conventional, government, HELOC, combination, jumbo, subprime and construction.
h.	Ability to review program guidelines, adjustments, base rate tables and lender comments.
i.	Maintains your broker package on your behalf with all participating IMX lenders.

2. What lenders currently publish their programs and rates through IMX Exchange?

IMX strives to provide a variety of lenders to cover all of the popular programs that fit your borrower’s needs. Click here for a list of lenders. This is a partial list in the sense that not all lenders are available in all states. Some lenders choose not to be listed on IMX as not to compete with their loan officers. A key difference between IMX and other comparable services is that as an IMX approved member, you are pre-approved and can transact with all participating lenders without having to apply with each one individually on your own.

3. I already conduct business with some or all of the lenders who are on IMX Exchange. What advantages are there to using IMX Exchange rather than going directly to a lender?

You can compare fully adjusted pricing on one screen from multiple lenders including the one’s that you already have a relationship. You can save the time of having to go to multiple websites to get information. IMX also maintains your broker package on your behalf with all IMX participating lenders.

4. What does it mean to be pre-approved with IMX’s participating lenders?

IMX Exchange membership pre-approves you to do business with any of the IMX participating members. This means that if you like a program that you get a match for, you can submit a lock immediately. IMX has agreements with all participating lenders that you can transact with them if you are approved with IMX. As long as IMX has your company’s current information on file, there are no delays. IMX transmits your information only on an as-needed basis. Only lenders that you transact with through IMX will receive your broker package.

5. If I am approved with IMX, am I approved with all of the IMX participating lenders?

You are approved as long as the lock is submitted through IMX Exchange. Your broker approval package is sent to lenders through an on demand basis. IMX only sends out your information when you lock with a lender through IMX. IMX pulls a daily report that lists which brokers lock with lenders for the first time. IMX then sends your information and in turn “approving” you with that lender at that time. IMX has agreements with lenders in that if IMX approves a broker, they will approve them as well. IMX does not automatically send out and get you approved with the participating lenders.

6. How do I get my borrower’s 1003 information into your system for program and pricing matches?

IMX is integrated with most major loan origination software systems such as Calyx Point, Genesis, Byte and Contour. IMX is also integrated with services such as VLender and ECLoanPro. Submitting information from each of these is a few clicks away. Information can also be submitted by signing in directly to IMX and keying in the data if for some reason you are not at your desk. IMX can also import Fannie Mae (.fnm) files from various sources such as Encompass.

7. How long does it take to get lender program and pricing matches once the 1003 information has been submitted to IMX Exchange?

Program and pricing matches are returned in a matter of seconds. You will know immediately which lenders, products and pricing are available. The matches are returned on an easy to read one page grid.

8. Does IMX Exchange pull credit on borrowers?

IMX does not pull credit through our system. The assumption is that you have access to a credit report and thus provide the scores to IMX as part of the loan submission process.

9. Do I get better pricing through IMX Exchange?

IMX provides you wholesale pricing. The pricing that you get through IMX Exchange is always going to be at least equal to what you would get going directly to the lenders. The pricing does not include any markup that you may add to your borrower. IMX does not take any money from your yield. The participating lenders control the pricing and upload all changes daily. Lenders do have the discretion to give better pricing if they choose to do so. However, IMX can only promise that your pricing will be at least equal to what you would get going directly to the lender.

10. How much does IMX charge for its services/membership?

IMX charges a $295 setup fee that gets everyone in your office setup for one year. Every year thereafter there is a renewal fee currently of $195. There are no monthly or access fees. The payments are made via valid credit card at the time of application or renewal.

11. How does IMX make money?

IMX collects monthly fees from participating lenders. Lenders view IMX as an additional channel to procure loans and are willing to pay for it. IMX also makes a closed-loan fee that is paid to IMX by the lenders.

12. Is there a limit to the number of loan officers, processors or managers that can be setup through a membership?

There is no limit to the number of users per organization. IMX recommends that you only set up the users that are interested and will be using the system immediately. Users can be added or deleted from your account at any time.

13. Are there any minimum requirements for submitting loans through IMX Exchange?

There are no minimums, floors or caps required by IMX or participating lenders in regards to the number of loans that should be posted, locked or closed through IMX Exchange or participating lenders. However, if a loan is locked with a specific lender, the expectation is that the broker company will make best efforts to deliver the loan within the lender’s guidelines. IMX will not suspend or terminate an account based on volume of locks/closed. An account may be suspended or terminated for a consistent pattern of non delivery of loans in which a lock has been submitted to a lender.

14. My company is a net branch of a larger broker company. Can I become a member of IMX?

In most cases, if you are a net branch using the licenses/ broker of record another company you will have to have your parent company apply for membership. If your parent company is already a member of IMX Exchange, you will simply have to fill out a form and fax it back to IMX to be added as a branch. See the Account Maintenance Help Section for more details. If you are unsure send an email to memberservices@imx.com with your scenario.

15. Can I lock loans through IMX in states that I am not licensed to broker loans in?

IMX is not a broker or lender. IMX works with lenders that offer programs in most states. However, the assumption that IMX and the lenders have is that you are licensed in any state in which you execute a lock. If you are looking to expand your state coverage without being licensed, you should check with a net branching mortgage company.

16. Can I apply for IMX membership if I am a loan officer?

The applicant for membership should be a principal or broker of record for a company in that company specific information is required to be submitted as part of the application process. A loan officer may solicit their broker to become a member which in turn will allow the loan officer access.

17. Does IMX have different access levels for managers, processors or loan officers?

IMX has a hierarchy that is defined during the application process. The hierarchy can accommodate managers, processors and loan officers. Loan officers can only see their pipeline. Processors can see loan officer’s pipelines that are assigned to them and originate on their behalf. Managers can see everything.

18. Do I have to use a loan origination software with IMX Exchange?

IMX Exchange is integrated with most of the major loan origination software systems (Calyx Point, Genesis, Byte, Contour). However, it is not required that you use or even own a loan origination software system. IMX Exchange is web based and can be accessed anywhere a high speed internet connection is available. Encompass users can submit information to IMX Exchange by importing DU files.

19. What is the best way to get in contact with IMX?

The best method for contacting IMX is via email at customerservice@imx.com. Most questions can be answered quickly through email. You may also give us a call at the number below. An IMX representative will be able to assist you.