ATLANTA, May 16, 2019 /PRNewswire/ -- MAXEX, LLC, a
residential mortgage loan exchange, announced today the closing of
a Series B investment round that was led by AGNC Ventures, an
affiliate of AGNC Investment Corp. ("AGNC") and included the
participation of Moore Asset Backed Fund, LP and other repeat
institutional and private investors. AGNC is the largest
internally-managed mortgage real estate investment trust and an
active investor in residential mortgage assets.
"I am thrilled to have AGNC's support of MAXEX. We know
that AGNC will be a great partner and bring enormous value to our
business," said Tom Pearce, CEO and
chairman of MAXEX. "People are looking at what we're building and
our value proposition. It's very simple. Buyers and sellers sign
one standardized legal contract with MAXEX, and either sell loans
to a broad universe of investors or buy loans from a broad universe
of sellers all while trading with one counterparty – MAXEX."
To date, MAXEX has traded more than $3
billion of conforming and jumbo loans. Loans aggregated
through its exchange have been securitized through 22 different
private label mortgage backed securities transactions. With the
AGNC investment, MAXEX has raised over $90
million in capital to date.
"We are pleased to support MAXEX for the next phase of its
growth," said Sean Reid, senior vice
president of Strategy and Corporate Development for AGNC.
"MAXEX provides a valuable service to both buyers and sellers of
residential whole loans through its exchange and central
clearinghouse, in turn eliminating many of the traditional
inefficiencies in the sector."
Premier buyers trading on the MAXEX platform include Morgan
Stanley, Goldman Sachs and Principal Bank as well as J.P. Morgan,
who has been a strategic commercial partner since 2017. The company
has a pipeline of over 20 marquee buyers including insurance
companies, bank portfolios, REITs and Wall Street dealers in the
process of joining the platform.
"Given the prospects that GSE reform could meaningfully change
the secondary market landscape, lenders are concerned that their
current liquidity could be impacted," said Bill Decker, MAXEX's President. "MAXEX provides
a turnkey solution for lenders to efficiently access many qualified
buyers, which provides pricing stability and broad market
access."
Former Federal Housing Commissioner and retired Mortgage Bankers
Association CEO Dave Stevens
recently called MAXEX "a really exciting platform that provides a
consistent process to marry buyers and sellers of mortgages that
eliminates the inconsistencies that have existed in the past.
Common documentation combined with multiple investors bring both
certainty and consistency to the market and will only improve
liquidity to the housing finance system."
MAXEX is leveling the playing field for market participants,
providing access to a diverse pool of large buyers for its over 85
approved bank and non-bank sellers. Buyers benefit from this
substantial supply without traditional counterparty management
challenges – from credit review, contracting issues, dispute
resolution and other operational aspects of maintaining numerous
counterparty relationships – as MAXEX intermediates all trades and
serves as the buyers' sole counterparty.
About MAXEX
MAXEX, LLC, a residential mortgage loan trading platform and
exchange company, reinvents the secondary mortgage market by
eliminating the inefficiencies, fragmentation and limited market
access that have traditionally hampered it. Based in Atlanta, Georgia, MAXEX is managed by a team
of seasoned executives with extensive capital markets and secondary
mortgage market expertise. For more information, visit
www.MAXEX.com.
For questions about MAXEX:
Contact - Eric Souza at
esouza@maxex.com or 210.471.1345
About AGNC
AGNC Investment Corp. ("AGNC") is an internally-managed mortgage
real estate investment trust with over $10
billion in equity capital. AGNC invests predominantly in
agency mortgage-backed securities on a leveraged basis. AGNC was
founded in 2008 and is headquartered in Bethesda, Maryland. AGNC's common stock is
traded on the Nasdaq Global Select Market under the symbol
"AGNC." For more information, visit www.AGNC.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/maxex-receives-investment-from-new-strategic-investor-300852019.html
SOURCE MAXEX, LLC