Residential mortgage loan exchange MAXEX has picked up a Series B round of funding led by AGNC Ventures to bring its total financing to more than $90m.
Moore Asset Backed Fund and unnamed institutional and private investors also reinvested in MAXEX through the round.
AGNC Ventures is an affiliate of AGNC Investment Corp, the largest internally-managed mortgage real estate investment trust and an active investor in residential mortgage assets.
To date MAXEX has traded more than $3bn of conforming and jumbo loans. Buyers trading on the platform include Morgan Stanley, Goldman Sachs and Principal Bank as well as JP Morgan, which has been a strategic commercial partner since 2017.
MAXEX president Bill Decker said, “Given the prospects that GSE reform could meaningfully change the secondary market landscape, lenders are concerned that their current liquidity could be impacted.
“MAXEX provides a turnkey solution for lenders to efficiently access many qualified buyers, which provides pricing stability and broad market access.”
Former US Federal Housing Commissioner and retired Mortgage Bankers Association CEO Dave Stevens recently called MAXEX “a really exciting platform that provides a consistent process to marry buyers and sellers of mortgages that eliminates the inconsistencies that have existed in the past.
“Common documentation combined with multiple investors bring both certainty and consistency to the market and will only improve liquidity to the housing finance system.”
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