— Dramatic increase in platform adoption leads to early completion of long-term business goal —
Optimal Blue, a leading provider of secondary marketing solutions and data services in the mortgage industry, announced the recent achievement of a significant milestone more than one year earlier than originally anticipated. With the recent signing of Houston Federal Credit Union in mid-July, Optimal Blue crossed the 1,000-client threshold with its Product & Pricing Solution, the industry’s leading solution in the mortgage technology categories often referred to as secondary marketing or PPE automation.
“We are excited for the opportunity to work with Houston FCU—our 1,000th PPE client. We look forward to providing them with the innovative capabilities of our secondary marketing platform that so many mortgage lenders leverage to create compelling results,” said Scott Happ, CEO of Optimal Blue. “Achieving this exclusive industry milestone earlier than we anticipated is a strong testament to the incredible focus, commitment, and drive maintained by each and every Optimal Blue team member.”
Historic low rates, record origination volumes, market volatility, and intense competitive pressures have created a unique set of challenges and opportunities for today’s mortgage lenders, often leading them to search for automation platforms that create sustainable, long-term competitive advantages. As a result, Optimal Blue’s Marketplace Platform—the mortgage industry’s dominant secondary marketing automation platform that houses its Product & Pricing Solution—has experienced a dramatic increase in adoption and set record levels of activity. This year, Optimal Blue and their clients collectively surpassed every transaction metric currently tracked by the company, including:
Total BESTX™ Rate Quotes: Optimal Blue clients completed a total of nearly 280 million rate quotes in the first seven months of 2020, reflecting a 71% increase in activity over the same time period in 2019.
Total Rate Lock Volume: Over $195 billion in rate locks were completed on the Optimal Blue platform in July 2020, the highest level of monthly volume in the company’s history. Additionally, Optimal Blue clients completed more than $1 trillion in rate locks in the first seven months of 2020, more than doubling rate lock volume over the same time period in 2019.
Total Loan Trade Volume: Over $11.5 billion in loan trades were completed on the Optimal Blue platform in July 2020, 20% greater than the next highest month. The company has facilitated more than $57 billion in loan trades in the first seven months of 2020.
“Last year, 35% of all mortgage transactions completed nationwide were locked on the Optimal Blue platform by our impressive network of lender clients,” explained Happ. “We are humbled by the trust and confidence our clients place in Optimal Blue to facilitate those transactions, and we applaud their success and incredible growth.”
PRESS CONTACT FOR OPTIMAL BLUE
Robert J. Brandt
Vice President, Marketing & Strategic Alliances