Financial technology company Optimal Blue has announced its acquisition of Resitrader, a combination that now supports $750 billion of mortgage loan trading transactions.
Following the acquisition, Optimal Blue’s Digital Mortgage Marketplace will support almost $600 billion of rate locks processed through its product and pricing engine and more than $150 billion of transactions through its hedging offering each year.
Upon completion of the transaction, Resitrader CEO John Ardy, CIO Seever Sulaiman, and the entire Resitrader team joined Optimal Blue.
Optimal Blue expects that the addition of Resitrader will allow for a major expansion in trading volume over the next year. The company will integrate the mortgage loan trading platform into its hedging offering to expand its capabilities in the bulk bid market. Additionally, Optimal Blue plans to expand third-party relationships with hedge advisors and whole-loan traders needing access to the bulk market.
“Two years ago, Optimal Blue set out to build a Digital Mortgage Marketplace that facilitates transactions between originators, investors, and the providers both use. This acquisition is another key step in that journey,” Optimal Blue CEO Scott Happ said. “Resitrader is the clear market leader in bringing efficiency, transparency, and security to a critical and expanding segment of the mortgage market, and we are excited to offer this innovative solution to our clients.”
“We are thrilled to join an organization that shares our vision of creating the industry’s premier platform for trading mortgage loans,” Ardy said. “With Optimal Blue’s backing, I expect Resitrader to continue its rapid growth, bringing depth and breadth to the market.”
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