Know your coverage.Commit each loan the right way.
The position report, coverage, pull-through, TBA trades and live prices in one place, next to the pipeline they hedge. Your execution policy decides best efforts or mandatory for every loan, and shows the rule that decided.
- Pipeline against desired and actual coverage
- By agency
- Coverage and gain on sale per coupon and month
- By coupon
- Best efforts or mandatory, from your policy
- Per loan
- Encompass pipeline sync behind the numbers
- Every minute
Your hedge position.By agency, as of today.
One report the desk opens first: how much pipeline you carry, how much of it should be covered, how much is, and what changed today.
Pipeline, desired coverage, trade position and the gap.
For conventional and government loans the report shows the pipeline size, the coverage your pull-through implies you need, the TBA position you hold, and actual against target coverage, so an under-hedged agency is visible before the market moves.
- Pipeline size, desired coverage and trade position by agency
- Actual vs target coverage, with the difference
- Locks today by lock period: 15, 30, 45 and 45+ days
- Expiring tonight, split clear-to-close vs other stages
- Daily lock volume against the two-week average
- Loans excluded from the report listed with the reason
Also in the position report
- Coupon-level gain on saleTotal loans, weighted amount and pull-adjusted GOS per coupon and amortisation.
- Hedges per couponTrade amounts and values beside the loans they cover, long or short.
- As-of dateRun the report for any day to see the position you held.
- Bids invited as soldOptionally treat loans out for bid as sold, so they drop out of the hedge.
- Exclusions shownUnhedged, ineligible or missing security, coupon or settlement month, counted.
- ExportThe full report to Excel for the desk's own models.
Exposure by coupon and month.Weighted by what actually closes.
Loan exposure is netted against TBA trades by security, coupon and settlement month, and pull-through by milestone tells you how much of the pipeline to hedge in the first place.
Long and short, by security, coupon and settlement month.
The coverage matrix nets locked loans against open TBA trades for 15-year UMBS, 30-year UMBS and 30-year GNMA II, coupon by coupon, across the coming settlement months. Short cells stand out, so you can see which coupon in which month needs a trade.
- 15-yr UMBS, 30-yr UMBS and 30-yr GNMA II
- Every coupon you carry, by settlement month
- Long and short exposure marked in colour
- Totals by security and for the whole book
How many locks really fund, milestone by milestone.
Historical pull-through over the look-back you choose, from application to funded, by loan amount and by units. It is split for all loans, hedged loans and best-efforts loans, so the coverage target reflects how your own pipeline behaves.
- Locked, funded and fallout at each milestone
- Pull-through by volume and by units
- All, hedged and best-efforts loans separately
- Look back in days or pick a period
Every TBA trade, marked to market.By dealer, against live prices.
The trade blotter groups open positions by broker-dealer with trade price, current mark and gain or loss, and the live price board shows where UMBS and GNMA are trading now.
Open positions by dealer, with the gain or loss on each.
Each TBA trade sits under its dealer with the product, coupon, settlement date, reference number and trade date. The current price marks every position, so the blotter totals what the hedge is worth today.
- Grouped by broker-dealer, expandable per trade
- Trade price against the current mark
- Sell and buy amounts and values
- Gain or loss per trade, per dealer and in total
- Edit or remove a trade inline
UMBS and GNMA, by coupon and settlement month.
Live TBA bid, ask and change for 30-year UMBS and GNMA II by coupon, with the settlement months side by side. Freshness and market status are shown, so nobody marks a book on a stale price.
- UMBS 30 and GNMA II 30
- Bid, ask and change per coupon
- Settlement months side by side
- Price freshness and market status
Two ways to sell a loan.Your policy picks one, per loan.
Best efforts trades price for safety: the investor takes the rate risk and you owe nothing if the loan falls out. Mandatory pays more, but you commit to deliver and hedge the difference yourself. Most lenders do both, by rule.
Best efforts
Sell the loan at a locked price, deliver it only if it closes.
- Commitment
- One loan, delivered if it funds
- Rate risk
- The investor carries it
- If the loan falls out
- Nothing owed, no pair-off
- Price
- Lower: you pay for the protection
- Hedging
- None needed for this loan
Mandatory
Commit to deliver a loan amount at a price, and hedge it with TBA trades.
- Commitment
- A dollar amount you must deliver
- Rate risk
- You carry it, offset with TBA trades
- If the loan falls out
- Pair-off cost if you can't fill
- Price
- Better: you keep the spread
- Hedging
- Coverage, pull-through and marks to manage
Your BE vs hedge rules, versioned and approved.
The execution policy lives in Secondarymkt as numbered rules per product class: rate bands, the price gap between the best two investors, and context such as credit score. Each version records who approved it, when it took effect and the memo it came from.
- Rules per product class: Conv 30, Conv 15, Govt 30, Govt 15, VA IRRRL
- Evaluated in priority order, first match decides
- Prices from the pricing engine's best verified price
- Version evidence: effective date, approver, source memo
- Test any pipeline loan against the current version
Move the loan.Watch the deciding rule change.
An example policy evaluated against one loan, the same way the platform does it: rules in priority order, the first best-efforts match decides, otherwise the loan is committed mandatory and hedged.
Every answer names its rule and the facts it used.
In the lock conversation and on the rules page, the answer is never just BE or hedge. It names the rule that decided, the note rate, the best and runner-up investor prices and the gap between them, so the desk can check it and the loan officer can understand it.
- The deciding rule quoted with its version
- Best and runner-up investor with their prices
- Credit score and LTV context alongside
- A link back to edit the rules
- 10Rate bandConv 30 · rate 6.500–7.250% → best effortsDecided
- 20Price gapConv 30 · best two investors within 0.375 → best effortsMatch
- 30FICO contextConv 30 · FICO under 680 reviewed with the deskNo flag
- —No best-efforts rule matched → mandatory, hedgedNot reached
What you can lock, and where.Straight from the Encompass pipeline.
The pipeline syncs from Encompass every minute. The lockable-today view lists each unlocked loan with its best investor and price, ready to start a lock.
Each unlocked loan with its top investor and price.
Saved views split the pipeline into unlocked, locked, lock requested, expiring in seven days and missing data. Lockable today shows program, rate, FICO, LTV and closing date beside the top investor and price, with a rate-lock button per loan.
- Encompass sync every minute, read-only by default
- Lockable today, expiring in 7 days and missing data views
- Top investor and price per loan from the pricing engine
- Start a rate lock from the row
- Filter by program, loan officer, investor and amount
Help writing the policy.And running it, with people.
Secondary MKT Advisors work with your capital markets team on the decisions behind the screens: when to commit mandatory, how much to cover, and which investors and dealers to use.
- Hedge policyCoverage targets by agency and the pull-through assumptions behind them.
- BE vs mandatory rulesRate bands, price-gap thresholds and exceptions, written as rules the platform runs.
- Moving to mandatoryA path from all best efforts to a hedged pipeline, at your pace.
- Investor relationshipsWhich investors to add, and how execution compares across them.
- Trade executionTBA trades, pair-offs and settlement months, reviewed with your desk.
- Pipeline reviewExpirations, fallout and coverage gaps, read with the position reports.
- Pricing engineEvery loan across every investor, every LLPA traced.
- Lock deskRequests read, priced and locked after you approve.
- Secondary MKT AdvisorsAdvisory and loan sales: bids, commitments, investors.
- IntegrationsYour LOS, rate sheets and guidelines connected in hours.
- CompareSecondarymkt against the best alternatives.
Bring us your next lock request.We'll walk it to confirmation.
A working session on your own loans and investors.
- A person approves every lock
- LOS read-only by default
- Encrypted credential vault
- Full audit trail