Mortgage trading system and methods

A computer-implemented method of making trade commitments for loans in a secondary mortgage market, comprising:

• obtaining, by a prearranged automated application, loan pricing information from different pricing sources that provide the loan pricing information in different formats;
• receiving, at a central repository from one or more parallel servers, in response to an application programming interface (API) call from the central repository, loan information from different loan sources that provide the loan information in different formats;
• collating, at the central repository, the obtained loan pricing information and the received loan information;
• normalizing, at a normalizer server, the collated and obtained loan pricing information and the collated and received loan information, wherein the collated and obtained loan pricing information and the collated and received loan information is addressed and fed into a standardized spreadsheet format;
• storing the normalized loan pricing information and the normalized loan information in a database;
• soliciting bids, using the normalized loan pricing information and the normalized loan information stored in the database, over a computer implemented network for one or more mortgage loans in a pipeline of one or more lenders from one or more investors selected by the one or more lenders, wherein the one or more investors includes one or more unqualified investors;
• receiving bids over the computer implemented network in real time for the one or more mortgage loans from a bidding subset of said one or more investors;
• assigning a loan commitment for the one or more mortgage loans based upon the received bids;
• and
• transmitting messages confirming the assigned loan commitment to an accepted subset of the one or more investors over the computer implemented network in real time;
• wherein acceptance of a bid from a qualified investor of the accepted subset locks in a price of the one or more mortgage loans of an assigned loan commitment corresponding to the accepted bid;
• and
• wherein acceptance of a bid from an unqualified investor of the accepted subset locks in a spread between a prevailing relevant price and an amount of the bid but allows an actual price of the one or more mortgage loans of an assigned loan commitment corresponding to the accepted bid to float according to market conditions.

A non-transitory computer-readable storage medium comprising instructions that, when executed, cause a system to:

• obtain, by a prearranged automated application, loan pricing information from different pricing sources that provide the loan pricing information in different formats;
• receive, at a central repository from one or more parallel servers, in response to an application programming interface (API) call from the central repository, loan information from different loan sources that provide the loan information in different formats;
• collate, at the central repository, the obtained loan pricing information and the received loan information;
• normalize, at a normalizer server, the collated and obtained loan pricing information and the collated and received loan information, wherein the collated and obtained loan pricing information and the collated and received loan information is addressed and fed into a standardized spreadsheet format;
• store the normalized loan pricing information and the normalized loan information in a database;
• provide remote access to eligible users over a computer implemented network to the normalized loan pricing information and the normalized loan information;
• transmit requests for bids, using the normalized loan pricing information and the normalized loan information, over the computer implemented network from one or more lenders to one or more investors for one or more To-Be-Announced (TBA) securities, wherein the one or more investors includes one or more unqualified investors;
• receive bids over the computer implemented network in real time for the one or more TBA securities from a bidding subset of the one or more investors;
• assign a loan commitment for the one or more TBA securities based upon the received bids;
• transmit messages, over the computer implemented network in real time, confirming the assigned loan commitment to an accepted subset of the one or more investors;
• wherein acceptance of a bid from a qualified investor of the accepted subset locks in a price of the one or more TBA securities of an assigned loan commitment corresponding to the accepted bid;
• and
• wherein acceptance of a bid from an unqualified investor of the accepted subset locks in a spread between a prevailing relevant price and an amount of the bid but allows an actual price of the one or more TBA securities of an assigned loan commitment corresponding to the accepted bid to float according to market conditions;
• receive, over the computer implemented network in real time, a request to convert the locked spread into a locked sale price for the one or more TBA securities of the assigned loan commitment based on a then-current market price for the one or more TBA securities;
• enter, over the computer implemented network, into one or more agreements with one or more unqualified investors of the accepted subset;
• and
• convert, on one or more processors into the locked sale price for the TBA securities in the assigned loan commitment with an unqualified investor of the accepted subset based on the then-current market price for the TBA securities.