Calling All Originators
Whether you are a bank or non-bank mortgage originator, TBA Mortgage Master provides a complete clearance and settlement process for all of your TBA trades.
Some originators have no choice but to use trade assignments in their workflows, and that has been true for as long as this market has existed. It is also where the manual work concentrates, and where The MBS Ops Network changes the process.
The problem with assignments today
SIFMA rules allow up to 12 hours for an assignment to reach the third dealer. In practice firms send when they process, so that delay often runs the full window. Both dealers then have to open a TBA trade, which normally means turning pools on EPN. Today that sequence runs on email and manual booking, with the clock running the whole time. Every handoff is an opportunity for something to arrive late or arrive wrong.
What the network does instead
Each of your counterparties logs in to The MBS Ops Network and sees their trades with you, along with the clearance impact on those trades. Rather than an email chain, the network provides immediate disclosure to both dealers and books the ending TBA trades between them.
The network sends AOT notifications automatically. Every digital assignment is stored in the network repository, so the record of what was assigned, to whom, and when is available for future reference rather than sitting in somebody's sent folder.
Into your dealers' books
All transactions can flow from the network into dealer books via our API or SFTP. That flexibility matters, because a lot of this market still runs on mainframes that were never designed to take a modern feed.
Built for the volume
The MBS Ops Network runs on Microsoft Azure, with the throughput and reliability to handle originator volumes at scale.
TBA Mortgage Master has been in production since 2008, processing $30 trillion in annual Agency TBA volume at a 99.97% straight-through-processing rate for asset managers, dealers and originators.
If your desk is working assignments by hand, this is the part of the process we automated.