Agile, a financial technology company (fintech) that is working on a single electronic platform for mortgage lenders and broker-dealers, has announced the launch of its request for quote (RFQ) platform, allowing all mortgage-backed securities (MBS) market participants to participate on an electronic platform that expedites the exchange of to-be-announced MBS (TBAs).
“Our mission is to bring the mortgage capital markets into a new digital era,” Agile President and CEO Curtis Richins said in a release. “We’re democratizing the TBA market for lenders and dealers both big and small. We created Agile because we believe that a transparent market is a better market and because every counterparty deserves access to a fair, efficient and transparent marketplace.”
Agile stated this new platform digitizes traditionally slow, phone-based MBS trading and enables a user to efficiently generate more competitive bids through the online platform.
The fintech began rolling out this new platform on Jan. 1, 2021. Since then, Agile has supported 261 financial institutions that have exchanged 95.6 thousand quotes. Lenders can request trades from any device, anywhere, and Agile’s three-step process for digital TBA trading communication can help those lenders improve efficiency while expanding the number of quotes they receive and their network of counterparties.
Broker-dealer participation has already been strong for the platform, according to Agile. Featured broker-dealers currently on the platform include, but are not limited to: BMO Financial, BOK Financial Securities, CMG Securities, Daiwa Capital Markets, ED&F Man, Huntington Securities, Janney Montgomery Scott, JVB Financial, Performance Trust, Raymond James, South Street Securities, Stifel, Nicolaus & Co, and StoneX.
“Working with Agile has been very productive and beneficial to Daiwa’s growing mortgage banking sales franchise,” Daiwa Capital Markets America Executive Director of Fixed Income Brent Giese said. “With access to many qualified mortgage originators, the platform provides an efficient means to reach significant volumes. The technology is advanced and allows for effective performance feedback while their straight though processing capability eliminates costly trade errors. Simply put, I have been very impressed and am thankful to have this valued partnership.”