MCT was fortunate to have the opportunity to sit down with John Collins, SVP of Capital Markets at Atlantic Coast Mortgage, to discuss his experience with MCT’s Rapid Commit technology, one of MCT’s products that has provided a hands-off, seamless experience for Atlantic Coast Mortgage.
Collins’ mission is to assist their borrowers in their goal of homeownership by providing an effortless and efficient mortgage process. He sees MCT’s Rapid Commit incorporation as a solid addition to Atlantic Coast Mortgage, which automates Fannie Mae loan pricing and commitments.
In this case study, MCT sits down with Collins to hear how the Rapid Commit integration has added efficiency to their loan selling process. Rapid Commit has also reduced the element of human error in putting together the commitments, saving them time, money, and headaches.
SVP of Capital Markets
John Collins has been with Atlantic Coast Mortgage for over four years. His specialties include Mortgage-Backed Securities, Data Analysis, Developing and implementing policy and procedures, Banking, Finance, Microsoft Excel, VBA, Corporate Wellness, Agency Reporting, Mortgage Lending, Analysis, and Crystal Reports. He has worked with MCT using Rapid Commit since 2020, and it has transformed the way they do secondary market transactions at Atlantic Coast Mortgage.
Featured Quote: “We used to hit the bids and in three or four hours get commitments. With Rapid Commit, it happens instantaneously. Carving out time dedicated to just commitments is difficult when you have a million things going on, so in a way, that’s where we see the true pickup of Rapid Commit – it allows us the ease of being able to dedicate more time and energy to the facets of our jobs which really need it.” – John Collins
Atlantic Coast Mortgage Adds Efficiency Through Automation
Atlantic Coast Mortgage has taken full advantage of the MCT services and integrations to ensure they grow to a high-efficiency level. Advanced technology systems and actionable data insights have become a prominent catalyst for the success and ease of their business development.
MCTlive! – A powerful platform available for day-to-day loan pipeline management, trade positions management, and loan sale best execution. MCTlive! automates repetitive tasks and frees your time for other high-value functions.
Rapid Commit – With Rapid Commit, lenders can automate Fannie Mae loan pricing and commitments with intelligent best execution capability through an application programming interface (API). This technology pairs with MCT’s Bid Auction Manager® to easily price and commit loans.
Atlantic Coast Mortgage: Summary of Software & Metrics
MCTlive! and Rapid Commit have changed how Atlantic Coast Mortgage initiates their best execution strategy by targeting and solving key efficiency components. MCT works closely with Mr. Collins to ensure that we address all his needs as they arise.
In this section, we will highlight the most impactful experiences for Mr. Collins and Atlantic Coast Mortgage:
“Our process with other hedge analytics firms required us to supplement their solution with a lot of manual work on the back end. In total, the process was hectic and had a higher propensity for human error. MCT’s streamlined solution has given us the confidence that everything is working as it should, without the need for human intervention.”
24 hours saved per month
Loan sale time savings for Atlantic Coast Mortgage through Rapid Commit
“It was pretty hands-off, which is probably one of the best parts of the whole experience. We set up some user credentials, exchanged some emails with Fannie Mae, and that was it. Next thing we know, it was up and functioning perfectly for us.”
“In a matter of minutes, we secure commitments. Long gone is the waiting game of 3 or 4 hour long commitments after we’d hit the bids. Rapid Commit makes the whole process astronomically faster.”
“The ability to have multiple servicing buyers on the back end means we can sharpen the pencil on best execution further. Rapid Commit eliminates the concern of error as the technology is quick, precise, and gets the job done efficiently.”
“Working with MCT has been as seamless and efficient as could be expected. Sales Rep, Page, has been instrumental in getting me in contact with whoever I need to address my needs. I talk every day to my trader, who addresses every aspect and makes sure we are maximizing our execution on the back end the best we can.”
Full Interview: Atlantic Coast Mortgage
What was the process like getting up and running with Rapid Commit?
It was pretty hands-off, we set up some user credentials, exchanged some emails on the tech side of Fannie Mae, and that was it. It was pretty straightforward and hands-off.
What was the process like before using Rapid Commit?
We would hit the bids and wait three or four hours. Our old hedge analytics firm would make commitments on our behalf, after which we had our own manual processes to complete. The commitments can be complicated, and completing manual tasks alongside each commitment was burdensome. With Rapid Commit, it happens instantaneously. Super efficient, no human error, an all-around seamless experience.
What are some of the lessons learned or best practices you would share with others as they use these tools?
“Get in contact with your Fannie Rep and MCT Rep, let them know what you want to accomplish, and sit back and be amazed at how quickly and efficiently things kick off.”
– John Collins, SVP of Capital Markets
The process will be really hands-off and quick to set up. The adoption of the functionality of this tool allowed our relationship with Fannie Mae to grow without a hiccup, which was something we were striving for tremendously. I recommend you get in touch with your Fannie Mae Rep and MCT Rep, let them know what you want to accomplish, and sit back and be amazed at how quickly and efficiently things kick off.
Have these products helped you mitigate risk and safely connect to data?
Yes. I think the most significant risk with the manual process is the ability for human error. We have not seen any mistakes, and Rapid Commit is a massive part of that. It can be extremely costly if we make a mistake because we assign so many loans at a time. It is essential we get that accurate. Human error was inevitable, especially with the quantity of loans we are assigning, so Rapid Commit has saved us a lot.
Describe your experience with Servicing Marketplace through Rapid Commit?
The setup and integration for us was very quick and easy. When we’re setting up a new servicing buyers in Servicing Marketplace® (SMP), we initiate the relationship through SMP, the buyer reaches out, we hash out the purchase agreement, and then pricing becomes live, MCT pulls it in, and just hit the commitment with our different servicing buyers as needed.
The ability to have multiple servicing buyers on the back end just means we’re able to further sharpen the pencil on best execution.
How has this integration affected your work with borrowers? What types of benefits are you able to pass on to your borrowers?
What’s good for us on the backend is that we can flow through a bit sharper pricing to our borrowers. These tools have helped us be more efficient for our borrowers. The less time we spend clicking here and clicking there with monotonous tasks, the more time we can dedicate to other value-added processes, like assisting our customers on a more personal level.
Did your number of commitments to Fannie Mae change during last year’s market volatility?
Yes definitely. We saw Fannie Mae pick up an increased market share of our loans. That was partly due to our ability to execute on a myriad of co-issue relationships within SMP, so Fannie Mae stood out as a more stable buyer. With that being said, the increased volume was handled without breaking stride. From my perspective, we didn’t have to increase the workforce to account for extra volume; it happened all seamlessly.
Have there been any unforeseen challenges with the integrations?
No. Truthfully, nothing else to say other than no.
“We have not seen any mistakes in human error and Rapid Commit is a huge part of that.”
Case Study Summary: Atlantic Coast Mortgage
Rapid Commit has increased efficiency and decreased human error regarding Atlantic Coast Mortgage’s secondary market practices. MCTlive! has illuminated the power of quality data aggregation and have assisted Atlantic Coast Mortgage in their best execution strategies.
- MCTlive! – A powerful platform available for day-to-day loan pipeline management, trade positions management, and loan sale best execution. MCTlive! automates repetitive tasks and frees your time for other high-value functions.
- Rapid Commit – With Rapid Commit, lenders can automate Fannie Mae and Freddie Mac loan pricing and commitment with intelligent best execution capability through application programming interface (API). This technology pairs with MCT’s Bid Auction Manager® to easily price and commit loans to Government Sponsored Entities (GSEs).
FURTHER READING – Additional Case Studies
MCT has had the opportunity to sit down with Doorway Home Loans, Alpha Mortgage and Homestar Financial Corporation to discuss how MCT’s offerings improved their loan sale efficiency and profitability. View their case studies below.
- Case Study: MSR Services Improves Profitability of Doorway Home Loans
- Case Study: Alpha Mortgage Gains a Competitive Edge with Bam Marketplace
- Case Study: Homestar Financial Corporation Improve Performance with Business Intelligence Platform
Contact us to discover how MCT can improve efficiency in your loan sale process!
MCT is a capital markets advisory firm focused on technology and service with a 20 year track record of success. This unique blend of customer service and cutting-edge technology has helped establish MCT as the industry leader in production pipeline hedging.
- Growing for Your Needs – Since 2001, MCT has grown from a pipeline hedging services specialist into a fully integrated provider of capital markets services & software.
- Capital Markets Expertise – Through a combination of unparalleled industry experience and relentless focus on data, MCT is pioneering the future of capital markets technology. From MCTlive!, to MSRlive!, to our award-winning Bid Auction Manager (BAM) – MCT pushes the envelope to exceed client expectations.
- Clients & Employees Agree – MCT delivers unparalleled customer service and prides itself on being a regular winner of San Diego’s “Best Place To Work” Award.