Freddie Mac has agreed to work with IMX, San Francisco, to connect brokers and mortgage lenders electronically, the companies announced Tuesday.
They said their GoldWorks network would let lenders bid for broker loans and arrange to buy them within minutes.
"With more than 1,000 lenders on GoldWorks, brokers will be able to receive real-time bids from the most expansive national pool of lenders possible," said Bob Ryan, Freddie Mac's vice president of marketing and pricing.
Brokers would post information on borrowers and loans using IMX software. Lenders who already use Freddie Mac's system to underwrite and sell mortgages to the mortgage agency would be able to query the IMX data base to find loans that meet their criteria and then bid.
Brokers would be informed of the bids via the IMX software and through electronic mail or pagers. When a bid is accepted, the identities of the lender and broker are disclosed. The loan would then be delivered in the usual way.