What Vice Capital Markets does

Vice Capital Markets is a privately held mortgage hedge advisory firm founded in 2001 by Chris Bennett and headquartered in Novi, Michigan. The firm provides interest rate risk management, secondary market execution, and reporting services to independent mortgage lenders, community and regional banks, and credit unions across the United States. Its core offering combines a consultative advisory service (delivered in Full Service, Hybrid, and Reporting/Analytics tiers) with proprietary technology infrastructure that connects directly to client loan origination systems and to the Fannie Mae and Freddie Mac GSE platforms.

The firm's technology platform centers on the Vice Execution Portal (ViceEx), a whole loan trading system connecting mortgage lenders to over 50 bulk investor partners and to agency execution programs including Fannie Mae's SMP and Freddie Mac's CRX, Co-Issue XChange, and Cash-Released XChange. Vice Capital has developed direct API integrations with both GSEs and with LOS platforms including MeridianLink Mortgage, OpenClose LenderAssist, and Digital-First LOS Mortgage Machine, enabling automated two-way data flow for pipeline hedging, fallout analytics, and loan sale reconciliation. The firm also publishes the proprietary Vice Capital Par Note Rate, a daily mortgage rate benchmark built from over $1 trillion in cumulative MBS trade history dating back to 2008.

Commercially, Vice Capital generates revenue through advisory fees on hedge advisory engagements and trade execution services. The firm sells exclusively through a direct enterprise sales motion with a stated minimum threshold of approximately $5–10 million in monthly closed loan volume per client, and it does not use resellers, marketplaces, or channel partners. Since inception the firm has managed interest rate risk on more than $1 trillion in MBS transactions, and its proprietary software is reportedly used to hedge or trade approximately 1 in every 15 mortgages originated in the United States. The firm is SOC 2 Type II certified (2020), has held MBA Premier Member status, and operates as a cash-generative, founder-controlled business with no disclosed outside institutional investment.

Name

Vice Capital Markets

Legal name

Vice Capital Markets, Inc.

Website

https://vicecapitalmarkets.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Mortgage Hedge Advisory

NAICS

Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Investment Banking and Securities Intermediation (523150)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Securitized Products & Mortgage Credit (RMBS/CMBS/Non-Agency) (FSAHAGAD)

akta.pro secondary industries

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Fixed Income Brokerage (Bonds) (FSAEACAJ)

Keywords

• Mortgage hedge advisory
• Pipeline risk management
• Secondary market execution
• Whole loan trading
• Interest rate hedging

Headquarters

HQ city

Novi

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Hedge Advisory Services (Full Service, Hybrid, Reporting/Analytics): Vice Capital Markets generates revenue through advisory fees charged to mortgage lenders, banks, and credit unions for hedge advisory, trading execution, and reporting services. The company offers tiered service packages (Full Service for mandatory execution clients, Hybrid for clients conducting their own loan sales, and Reporting/Analytics for cost-effective standalone reporting), all of which support the company's core function of managing interest rate risk on mortgage pipelines.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Vice Capital Markets provides hedge advisory services to independent mortgage lenders, banks, and credit unions for managing interest rate risk on locked loan pipelines. The firm offers tiered service packages (Full Service, Hybrid, Reporting/Analytics) backed by the proprietary ViceEx whole loan trading platform, the Vice Capital Par Note Rate benchmark, and direct API integrations with GSEs (Fannie Mae, Freddie Mac) and loan origination systems.

Product overview

Vice Capital Markets operates as a mortgage hedge advisory firm offering a platform-plus-services model. The core product is the ViceEx (Vice Execution Portal) whole loan trading platform, complemented by full-service and hybrid hedge advisory services and comprehensive reporting/analytics. The firm also offers the proprietary Vice Capital Par Note Rate, a daily mortgage rate benchmark. The ecosystem includes educational resources like white papers on hedging and cross-hedging strategies, plus case studies demonstrating execution results. Services range from pipeline management and interest rate risk hedging to TBA position management, MSR hedging, agency pool trading, and capital markets expertise across over $1 trillion in MBS trades since 2001.

Differentiator

Problem solved

Functional benefit

Brands

• ViceEx: Vice Execution Portal (ViceEx) is a mortgage whole loan trading platform that enables lenders to send and receive aggregator bulk bids, compare agency executions, and access best execution evaluation.
• Vice Capital Par Note Rate

Products and services

• Hedge Advisory Services
• ViceEx (Vice Execution Portal)
• Vice Capital Par Note Rate
• Reporting/Analytics Services

Quantifiable outcome

• One in every 15 US mortgages is traded by Vice Capital or hedged using its proprietary software
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• OpenClosecoreTechnology or IntegrationOpenClose completed integration with Vice Capital Markets focused on maximizing hedging efficiencies. The integration takes loan-level lock data from OpenClose's LenderAssist LOS and securely transmits it directly to Vice Capital's hedging platform, eliminating multiple manual steps and potential break-points in the process. Loan sale data is directly boarded back to OpenClose, automating loan reconciliation and variance analysis.
• MeridianLink Mortgage (formerly LendingQB)coreTechnology or IntegrationVice Capital integrated with MeridianLink Mortgage's open APIs to connect its internal hedging platform to the LOS, ensuring flow of critical loan pipeline information. Created a daily writeback feature that directly updates loan data in the LOS while providing robust reporting. Enabled 20% reduction in loan sale process for American Mortgage Service Co. through the integration.
• Fannie MaecoreTechnology or IntegrationVice Capital developed APIs with Fannie Mae enabling the firm to pull pricing and commit loans directly with the GSE. Vice Capital was the first to integrate Fannie Mae's new Loan Pricing API into its trading portal. Also supports Fannie Mae's Specified-Cash Payup Commitment Grids and Mission Score API.
• Freddie MaccoreTechnology or IntegrationVice Capital developed APIs with Freddie Mac to pull pricing and commit loans directly. Supports Freddie Mac's new Cash-Specified Payup Types (CSPTs) for 30-year fixed-rate mortgages, Income Limits API, and Cash Purchase Statement API. Also integrated with Freddie Mac's Co-Issue XChange and Cash-Released XChange execution programs.
• 50+ Bulk Investor PartnerscoreChannel Partner/ Reseller/ DistributorThe ViceEx platform connects mortgage lenders with over 50 bulk investors for whole loan trading, including access to top agency programs such as Fannie Mae's SMP and Freddie Mac's CRX. These investor partners execute loan purchases through the platform.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Optimal Blue: Optimal Blue provides secondary marketing, hedging, and best-execution technology to mortgage lenders. Its platform competes directly with ViceEx on pipeline pricing, hedging analytics, and whole loan sale execution.
• Choinski Mortgage Management: Choinski Mortgage Management provides mortgage pipeline hedging advisory, secondary marketing, and risk management services to community banks, credit unions, and independent lenders — closely matching Vice Capital's core service offering.
• Carlin Financial Group: Carlin Financial Group provides hedge advisory, whole loan trading, and secondary marketing services to mortgage bankers and community banks — directly comparable to Vice Capital's hedge advisory and ViceEx trading platform.
• Mortgage Capital Trading (MCT): MCT is a mortgage hedge advisory and trading technology firm serving independent lenders, banks, and credit unions — a direct competitor offering pipeline hedging, best-execution analysis, and secondary marketing services.

Broad incumbents

• SitusAMC: SitusAMC is a large-scale mortgage advisory, technology, and asset management firm. It competes in mortgage pipeline hedging and secondary marketing consulting, though across a broader product set including loan servicing and valuation.
• ICE Mortgage Technology (formerly Ellie Mae / Black Knight): ICE Mortgage Technology provides the Encompass LOS and a wide suite of secondary marketing and pricing tools used by most US mortgage lenders. It is a broad incumbent in the same origination-to-execution workflow where Vice Capital operates.
• Piper Sandler: Piper Sandler is a large investment bank with a significant mortgage capital markets practice that advises lenders on hedging and secondary execution. It is a broad incumbent that competes for the same client base as Vice Capital at the enterprise end.
• Compass Analytics (now part of ICE): Compass Analytics provides mortgage pipeline hedging and MSR valuation analytics. Now part of ICE Mortgage Technology, it offers overlapping capabilities with Vice Capital's hedging and reporting services at a larger institutional scale.

Others

• Rocket Pro TPO (Rocket Companies): Rocket Pro TPO is the wholesale lending arm of Rocket Companies with in-house capital markets and hedging capabilities. While not a direct advisory peer, it represents the disintermediation trend as large lenders internalize functions Vice Capital serves.
• United Wholesale Mortgage (UWM): UWM is the largest US wholesale mortgage lender with proprietary secondary marketing and execution technology. It competes indirectly with Vice Capital by internalizing the hedging and execution functions for its broker partners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vice-capital-markets

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vice Capital Markets