Spillane Consulting Associates, Inc. (“SCA”), a professional consulting firm for banks, credit unions, and non-depository institutions based in Weymouth, MA, has partnered with Optimal Blue to create a new offering focused on empowering community financial institutions to more easily and more profitably buy and sell loans with enhanced execution techniques. Through this turnkey offering, SCA’s expert consultants provide clients the ability to easily buy specific loan pools to support unique balance sheet needs or CRA requirements, efficiently sell loans to a broader and more diverse network of buyers to mitigate risk, and seamlessly execute advanced asset-liability management strategies to increase profitability – without any further investment in software, resources, or loan trading expertise.
Since 1991, SCA has enabled community financial institutions to advance their mortgage lending capabilities by delivering innovations and successful financial management strategies that streamline process flows, improve compliance results, enhance system utilization, and optimize staff composition. However, over the past several years, SCA has observed that many community financial institutions were not well positioned to take full advantage of the sophisticated mortgage lending strategies or breadth of counterparty options that their larger competitors leverage, thereby missing opportunities to improve liquidity, increase profitability, and mitigate risk.
Under this unique offering fully supported by Optimal Blue’s industry-leading Loan Trading solution, SCA’s team of seasoned industry experts become an integral extension of the community financial institutions’ mortgage lending department. SCA’s broad network of buyers and sellers as well as their ability to match counterparties based on balance sheet needs enables secondary marketing transactions to be handled more quickly and more profitably for community financial institutions. Initially focused on clients in the Northeast, this program will soon be expanded to all community financial institutions across the United States.
“For close to three decades, SCA’s mission has been diligently focused on making community financial institutions more efficient and more successful,” explained John Spillane, CEO of SCA. “By pairing our expertise with the sophisticated loan trading automation of Optimal Blue, we’ve been able to dramatically enhance the mortgage lending and balance sheet management capabilities of the traditional community lender to keep them on par with their larger competitors.”
“Optimal Blue has experienced dramatic growth in our Mortgage Marketplace, both in the size of our network and in the extent of our innovations,” said Scott Happ, CEO at Optimal Blue. “We are proud to bring our proven Mortgage Marketplace loan trading capabilities to the community banking industry through this partnership with SCA.”
ABOUT OPTIMAL BLUE
Optimal Blue’s Marketplace Platform connects the industry’s largest network of originators, investors, and providers. More than $750 billion of transactions are processed across the platform each year, facilitating a broad set of secondary market interactions like pricing, locking, hedging, and trading of mortgage loans. For more information, please visit www.optimalblue.com.
ABOUT SPILLANE CONSULTING ASSOCIATES, INC.
Founded in 1991, Spillane Consulting Associates, Inc. provides professional consulting services in the areas of compliance, quality control, staffing, technology, and management services to the mortgage banking industry. We value our strong and long-standing client relationships and believe our personalized service is especially important in today’s environment. For more information, please visit www.scapartnering.com.