Ease-of-use tools for manual and fully automated processing of every TBA clearance and settlement workflow — straight pair-offs, SIFMA trade assignments, Tradeweb and Bloomberg round robins, and FICC EPN pool allocations — with real-time pool data validation behind every step.
Set your clearance flows up once. TBA Mortgage Master runs them, surfaces only the exceptions, and keeps every counterparty on one source of truth.
Screenshots from TBA Mortgage Master in production.
A manager rolls a TBA position. Because of best execution, the closing trade is often with a different dealer than the opening one, so the two sides cannot simply net. The fix is to assign one trade to the other.
That assignment is a five-page legal document. Historically it gets drafted by hand and chased by email. SIFMA rules allow up to 12 hours for it to reach the third dealer, and firms send when they process, so the delay often runs the full window. Late AOT reporting has been a persistent source of risk in this market for exactly that reason.
The assignment is generated and delivered within seconds of the offset. Notifications go out automatically, and every digital assignment is stored for future reference. Nobody processes the paper. AFS remains the first and only vendor with Assignment-of-Trade automation.
Every other system helps an operations team assemble a round robin and hand it to a trader to execute. TBA Mortgage Master connects directly to Tradeweb, executes the round robin itself, and books the executed trades straight back into the system, where they carry on through clearance and settlement. It is a closed loop, and no one on the trading desk is in it.
Round robins are operational work that has historically consumed front-office time. When the system executes them, that time goes back to trading.
Automation means you are not starting early to leave room for manual work. Offsets can keep running against the deadline rather than against somebody's capacity.
Every eligible offset is processed. There is no queue to work through and no trade left behind because the day ran out.
A higher degree of sophistication than legacy systems when moving pools — validated against the agency pool universe.
Factors from ICE Mortgage Technology validate EPN allocations and any TBA stipulations that scope delivery.
Founded in 2006 by partners from investment management, clearance & settlement, and software.
The MBS Ops Network is a cloud-based ecosystem where all mortgage trading counterparties connect to a central network to process and communicate on the clearance and settlement of trade-for-trade TBA trades — automating the buy-side to sell-side clearance data flows while adhering to SIFMA guidelines.
Always performed, no cut-off.
Optional, 72-hour day cut-off.
Optional, 48-hour day cut-off.
DTCC EPN on the 48-hour day.
