Agile Introduces Competitive Electronic Bidding on Fourth Month TBA Mortgage-Backed Securities

PHILADELPHIA, Pa. — Agile, a groundbreaking fintech bringing mortgage lenders and broker-dealers onto a single electronic platform, announced today the launch of electronic bidding for the fourth month in the To-Be-Announced mortgage-backed securities (TBA) market. This marks a significant leap forward in the trading landscape of off-screen securities.

The addition of electronic bidding for fourth month securities ushers in a new era of efficiency. By offering the option to extend trade settlements an additional month, Agile’s electronic platform minimizes the need for frequent rolls, thereby streamlining the process of maintaining an aggregate hedge position.

Andrew Price (*note 1), Secondary Marketing Trader at Highlands Residential Mortgage, stated, “I use fourth month securities to hedge long-term builder forward contracts. Electronically trading fourth month on Agile is extremely efficient, and anytime I put fourth month in competition, my execution is better than a single-dealer bid. It’s always helpful to have that extra protection while trading an off-screen security.”

This groundbreaking development fosters a deeper understanding of trading dynamics for fourth-month securities, empowering market participants to make more informed decisions regarding their pricing compared to standard TBA security settlements. According to traders using Agile, the reduced frequency of transactions translates directly into increased efficiency and lower hedging costs, as each transaction incurs associated costs.

For builders, securing fourth-month TBAs via Agile offers a distinct competitive advantage. By aligning forward agreement rates with fourth-month security prices, Agile promotes pricing transparency from the inception of contracts, empowering builders to make more informed decisions.

Eric Bridges (*note 2), Vice President of Secondary Marketing at M/I Financial, shared, “Having the ability to bid fourth month competitively has yielded better, more reliable trading levels which provides greater confidence in offering stronger extended rate lock pricing or rate specials.”

Fourth month bidding is now available to all Agile platform users. Mortgage lenders and broker dealers interested in learning more about this functionality are encouraged to contact Agile for more information:


*1 – Andrew Price is a capital markets professional with more than 12 years of experience starting as a secondary marketing trader and growing into his current AVP Capital Markets role.

*2 – Eric Bridges is a VP of Secondary Marketing with more than 10 years of experience working as a secondary marketing professional.

About Agile:

Agile brings together mortgage lenders and dealers of all sizes onto a single MBS fintech platform. Agile facilitates the exchange of TBA MBS by securing and automating communication between mortgage lenders and broker-dealers. Agile digitizes the historically phone-based process to an electronic platform which may improve profitability and efficiency, while reducing administrative errors. Through its competitive TBA RFQ digital platform, mortgage lenders gain access to national and regional broker-dealers previously inaccessible on digital platforms, while broker-dealers gain access to an ever-growing network of lenders. Based in Philadelphia, Agile Trading Technologies supports a national network of clients* with a team of capital markets professionals who have deep trading experience at financial organizations of every size.

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*Agile is not available for retail natural person investors.

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