LEX Edge was devised to aid lenders in their efforts to fulfill their bank’s obligation with regard to the Community Reinvestment Act (CRA). With the help of LEX Edge, a lender can purchase (or sell) one or more loans by geography (census tract), in support of their bank’s overall CRA effort or, to otherwise reinforce its loan portfolio.
Sellers are comprised of a variety of loan originators, including banks and licensed mortgage bankers. Subscribers pay a low monthly fee for access to LEX Edge, which provides a secure environment through which the purchase and sale of loans (both originated and/or approved for sale) may be facilitated. The primary loan product processed through LEX Edge is home-related loans, due to their significance in gauging a bank’s performance with regard to CRA compliance. LEX Edge can also be used just as effectively however, to negotiate the sale of small business loans, loan participations and a variety of consumer loan products.
LEX Edge provides the connection between banks and other licensed lenders. It does not negotiate the purchase or sale of a loan in any transaction. This part of the process is handled one on one, between the Buyer and the Seller. Buyers and Sellers will be responsible for negotiating all terms and conditions of a sale. Additionally, Buyers will be responsible for any due diligence required in connection with a purchase of a loan. This site does not guarantee (implied or otherwise) the quality of loans listed for sale. It merely provides a network through which loan purchases and sales may be facilitated.
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