Freddie, IMX To Link Lenders and Brokers

An electronic link that will enable lenders to bid on loans posted by mortgage brokers will be established by Freddie Mac and IMX, Freddie Mac has announced.Through Freddie Mac's GoldWorks network, lenders will be able to query, select, and bid on loans posted by brokers using IMX's MatchMaker software. "With more than 1,000 lenders on GoldWorks, brokers using MatchMaker will be able to receive real-time bids from the most expansive pool of lenders possible," said Bob Ryan, Freddie Mac's vice president of marketing and pricing. When a lender places a bid, the broker will be notified by MatchMaker as well as via e-mail or alphanumeric pager. Once a bid is accepted, the identities of the lender and the broker are revealed. The lock-in will be binding for both, and loan file delivery will proceed as it would in a traditional transaction, Freddie Mac said. IMX president Mark Korell said loans will be placed "not in hours or days, but in a matter of minutes." Freddie Mac's website address is http://www.freddiemac.com.