IMX lets individuals, through their mortgage brokers, post on its network specific terms they want for home loans. The proposals are sent to lenders, which submit bids on individual deals. This differs from the conventional system in which lenders offer specific terms for borrowers to accept or reject.

Mortgage brokers and lenders access the system using IMX's client software over the Internet or a private network operated by AT&T. The new version of IMXBroker and IMXLender software, which were formerly sold as one program called MatchMaker, will add real-time notification of loans posted to the system, says senior VP of engineering Robert Mihalyi. Brokers and lenders previously had to search a database to obtain market information.

Notification is valuable because it provides more timely reporting of market conditions, says Richard Beidl, a senior analyst at the Tower Group. The software also includes tighter integration with an application from Calyx Software that brokers use to set up home loans.

Bank United Corp., a savings and loan association in Houston with a loan portfolio of $6.6 billion, started using IMX in May. The S&L already funds mortgages through brokers in 10 states and welcomes IMX's expanded scope. Sharon Koehl, director of collateral operations, says the product lets Bank United reach a new category of borrowers.