What is an auto-bid?
Auto-bid is a system tool that automatically places bids on a lender’s behalf, based on specific filters or criteria. Lenders select the dollar amount of their available funds to allocate to a particular auto-bid as well as the interest rate at which all bids will be submitted and the terms of the bidding. There are two options on how to control the amount of bids submitted by an auto-bid: • Option 1: Place a fixed amount per loan match (e.g., if you enter $1,000, and 5 loans match your criteria, then 5 individual bids will be submitted in the amount of $1,000 each, regardless of the total loan request. A total $5,000 of your Auto-bid funds will be committed.). Example: For every loan that matches my auto-bid criteria, I want to bid $1,000. • Option 2: Place a percent amount per loan match (e.g., if you enter 20% and 5 loans match your criteria, then 5 individual bids will be submitted in the amount equal to 20% of the total loan request. The total amount of these bids will be committe
