Loan Sale Advisory Services
Hanover Online Auction Facility
Privacy concerns and obligations dictated under the Gramm, Leach, Bliley Act of 1999, as amended, require that consumer data be safeguarded and transmitted in a secure manner. Hanover offers sellers a secure and efficient process to distribute portfolio information to potential buyers with these advantages:
- Data can be securely uploaded to www.hanovertrade.com in an encrypted format.
- Sensitive consumer data can be blocked from public view.
- Sellers can determine who they want to participate in bidding on their portfolios.
- Bidder access can be monitored and confirmed to ensure bid information has been distributed properly.
- Third party control of the bid process allows for determination of market value.
- All bids can be electronically received.
- Two types of auctions are available:
- Open Outcry allows each bidder to bid in real time during a set auction period. Other bids are displayed, however bidders names are not disclosed to other bidders. The outcry offers a bid optimization module which allows for immediate comparison of individual pool bids to all-or-none bids.
- Sealed Bid allows bidders to submit their bids on a confidential basis.
- Multiple pools can be auctioned at one time.
