Smarter Hedging, Loan Sales, and Margin Management With Rob Kessel | June 2025 Market Insights

Welcome to this month’s episode of the Market Advantage podcast by Optimal Blue. Hosts Olivia DeLancey and Mike Vough break down highlights from the June 2025 Market Advantage report, including shifts in loan sale execution and pull-through trends.

Rob Kessel, founder of Panoramic Capital Advisory and Consulting, joins the show to explore the complexities of capital markets and secondary marketing. Together, they discuss foundational concepts like the best efforts versus mandatory spread, pull-through modeling, and loan sale strategy. Rob also shares how transparency, data-driven decision-making, and evolving technologies are reshaping lender profitability.

Key Takeaways:
• Loans sold to aggregators dropped from 38% to 35%, while agency-backed executions rose, highlighting a shift in lender strategy.
• Purchase pull-through rates climbed to nearly 85%, signaling stronger borrower commitment amid rate volatility.
• Understanding the best efforts versus mandatory spread is essential for pricing and risk decisions.

Chapters:
00:00 – Introduction
00:24 – June 2025 Market Data Highlights
03:12 – Loan Sale Execution Trends
05:45 – Pull-Through Rates and Hedging Implications
08:30 – Guest Introduction: Rob Kessel
09:10 – Capital Markets Training and Panoramic’s Mission
12:45 – Best Efforts vs. Mandatory Spread
17:20 – Pull-Through Modeling and Borrower Behavior
22:40 – Loan Sale Strategy and Investor Relationships
28:15 – AI’s Role in Secondary Market Optimization
34:00 – Bonus Question: Rob’s Profitability Advice

Links and Resources:
• Subscribe to the Market Advantage data report: https://engage.optimalblue.com/market...
• Follow Optimal Blue on LinkedIn:   / optimal-blue  
• Follow Rob Kessel on LinkedIn:   / rob-kessel-66776a6  
• Learn more about Panoramic Capital Advisory and Consulting: https://panoramiccap.com/
• Follow Mike Vough on LinkedIn:   / michael-vough-60467826  
• Follow Olivia DeLancey on LinkedIn:   / olivia-delancey  

Commentary included in the podcast shall not be construed as, nor is Optimal Blue providing, any legal, trading, hedging, or financial advice.