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Navy Federal Deploys Mortgage-Backed Securities Platform

Navy Federal Credit Union, the largest retail credit union with over $97 billion in assets, has deployed Broadridge Financial Solutions’ Mortgage-Backed Securities Expert SaaS platform.

It’s a mortgage-backed securities processing solution that is engineered to give its users a competitive advantage in this multi-trillion-dollar market. Navy Federal is the first credit union that has been brought live on Broadridge platform.

The platform provides advanced functional capabilities to support front, middle- and back- office operations. MBS Expert integrates with a client’s existing electronic trading platform and front- and back-office infrastructure, diminishing client start-up costs. The technology is used by more than 30 of the largest Fixed Income Clearing Corporation clearing members and asset managers.

“MBS Expert was the right choice to support our expanding business needs, and we have transacted over $2 billion worth of MBS trading leveraging MBS Expert,” said William Tabri, manager of capital markets at Navy Federal Credit Union. “Navy Federal is now a full-clearing member of the FICC’s MBS Division, availing us of the entire range of MBS-related services. Aside from leveraging the new relationships with other FICC member firms, we will benefit from decreased counterparty risk and a centralized margining process through the FICC.”

“Broadridge’s delivery of MBS Expert minimizes the time to market and expense typically associated with implementing MBS processing solutions, enabling Navy Federal to maximize its return on investment and better focus operating and staffing resources on core business functions,” said Vijay Mayadas, president of global fixed income at Broadridge.

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