R-M-X Looks to Provide Innovation and Liquidity for the Beleaguered Residential Mortgage Loan Market
New York, NY, September 13, 2008 --(PR.com)-- While most participants in the residential mortgage loan market are suffering huge losses and many are exiting the business, R-M-X Group is looking to take advantage of this turmoil to fuel demand for its business. R-M-X Group is an integrated electronic trading exchange for residential mortgage lenders and an executable mortgage loan trading platform for borrowers.
For borrowers, R-M-X has a unique loan structure and credit process that allows home owners to refinance their loans through a variety of alternatives with different lenders without a new credit review and formal closing. As a result, borrowers can quickly and easily capture improved market terms. R-M-X also gives borrowers a liability management tool to, for instance, extend or shorten their loan term upon lifestyle changes (ex., kids, relocation); refinance upon ARM maturity; or change payment structure. Based on recent US Census Bureau data, 67% of the 75 million owner occupied homes had an outstanding mortgage loan. R-M-X’s CEO, Eric Manley, a Wall Street veteran, said “A home mortgage not only tends to be the largest financial exposure for the average borrower but also the least managed. There is a real desire among borrowers for an easier and cheaper way to manage and refinance their loans. Mortgage brokers and internet sites provide limited value especially now that lenders provide rates on their websites.”
For lenders, the company is providing an origination platform and secondary market exchange. R-M-X is targeting each one of the thousands of banks, wholesale companies, thrifts and other financial institutions as well as brokers that participate in the residential mortgage loan market. Large and small institutions will be able to compete on the same basis. The company believes their borrower platform provides a more efficient and cheaper origination process and that their improved loan product should lead to an increase in originations for lenders. Also, R-M-X’s loan structure provides some unique features for lenders. R-M-X’s secondary market exchange and clearing arrangement aims to improve liquidity and transparency as well as reduce transaction costs for its participants. Like other exchanges, R-M-X will have a process to ensure trades are cleared. Mr. Manley said “Lender enthusiasm has been tremendous. There is a real need for additional distribution channels and counterparty credit mitigation.”
R-M-X expects to go live with its exchange and trading platform by early 2009. The firm has filed a patent with the United States Patent and Trademark Office to protect its innovative business methods approach. Since the firm is strictly a trading and exchange platform, it will not be plagued by today’s volatile loan valuations.
About R-M-X Group, LLC
R-M-X is an integrated electronic trading exchange for residential mortgage lenders and an executable mortgage loan trading platform for borrowers. The company’s website is www.TheRMXGroup.com. The company is based in New York, New York and can be reached at info@TheRMXGroup.com.
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For borrowers, R-M-X has a unique loan structure and credit process that allows home owners to refinance their loans through a variety of alternatives with different lenders without a new credit review and formal closing. As a result, borrowers can quickly and easily capture improved market terms. R-M-X also gives borrowers a liability management tool to, for instance, extend or shorten their loan term upon lifestyle changes (ex., kids, relocation); refinance upon ARM maturity; or change payment structure. Based on recent US Census Bureau data, 67% of the 75 million owner occupied homes had an outstanding mortgage loan. R-M-X’s CEO, Eric Manley, a Wall Street veteran, said “A home mortgage not only tends to be the largest financial exposure for the average borrower but also the least managed. There is a real desire among borrowers for an easier and cheaper way to manage and refinance their loans. Mortgage brokers and internet sites provide limited value especially now that lenders provide rates on their websites.”
For lenders, the company is providing an origination platform and secondary market exchange. R-M-X is targeting each one of the thousands of banks, wholesale companies, thrifts and other financial institutions as well as brokers that participate in the residential mortgage loan market. Large and small institutions will be able to compete on the same basis. The company believes their borrower platform provides a more efficient and cheaper origination process and that their improved loan product should lead to an increase in originations for lenders. Also, R-M-X’s loan structure provides some unique features for lenders. R-M-X’s secondary market exchange and clearing arrangement aims to improve liquidity and transparency as well as reduce transaction costs for its participants. Like other exchanges, R-M-X will have a process to ensure trades are cleared. Mr. Manley said “Lender enthusiasm has been tremendous. There is a real need for additional distribution channels and counterparty credit mitigation.”
R-M-X expects to go live with its exchange and trading platform by early 2009. The firm has filed a patent with the United States Patent and Trademark Office to protect its innovative business methods approach. Since the firm is strictly a trading and exchange platform, it will not be plagued by today’s volatile loan valuations.
About R-M-X Group, LLC
R-M-X is an integrated electronic trading exchange for residential mortgage lenders and an executable mortgage loan trading platform for borrowers. The company’s website is www.TheRMXGroup.com. The company is based in New York, New York and can be reached at info@TheRMXGroup.com.
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Contact
R-M-X Group
Eric Manley
646-824-9429
www.TheRMXGroup.com
Eric Manley
646-824-9429
www.TheRMXGroup.com
Contact
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