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Pedestal Prepares To Hold Online Auctions of Servicing Rights.(Pedestal Inc.)(Brief Article)
Pedestal Inc. has reported that it plans to host live, online auctions of mortgage servicing rights on its website.
The company currently hosts live online auctions of whole loan packages on its website and the servicing rights technology will be based on this model.
Chris Blahut, Pedestal's head trader, said the company - at press time last month - was developing a live auction page for servicing rights on its website that would require "just a few changes" to the company's whole loan auction model.
"(What) we have to do is change a couple of the relationships that happen in the calculation of the bid price," he said.
Mr. Blahut said the auction would allow bidders to enter, for example, a basis point price on their servicing. Users would also receive feedback, based on pool-level data, such as what sort of multiple the servicing has been priced it at. Like in its live whole loan auctions, Pedestal plans to allow servicing rights bidders to use a two-step process that allows them to review their bids before actually posting them to the site. This ensures that bidders don't accidentally, for example, misplace a decimal or otherwise place a bid they didn't mean to place.
The new page will ideally be used for bulk-servicing transactions, Mr. Blahut said. He said he believes it will have several ...
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