Devlog: 2026-03-17 — Strategic Priority Pivot
What Happened
During discussion about getting a BestEx alpha ready for the PSX principal (Watermark TPO), the Product Owner clarified WTPO's actual starting use case. This revealed a priority misalignment that we corrected.
Discovery
What we assumed: WTPO would use PSX to find loans and then need BestEx to evaluate agency delivery (Fannie Mae, Freddie Mac, Ginnie Mae) options.
What's actually happening: WTPO is starting with CRA (Community Reinvestment Act) loan arbitrage on PSX. Their workflow:
- Sellers upload loan tapes to PSX
- A third-party partner runs Incenter CRA eligibility determination
- Updated loan tape (with CRA data) returns to WTPO
- CRA-eligible loans are matched to CRA-hungry bank buyers on PSX
- Non-CRA loans are evaluated for arbitrage opportunity with other PSX buyers
- WTPO purchases profitable loans and keeps the spread
Key realization: WTPO is not currently delivering to agencies. They plan to in the future, but their starting business is PSX-based spread arbitrage. PSX's stacking engine already handles the best-execution analysis they need for this use case (ranking loans across buyer rate sheets by profitability).
The real gap: What happens AFTER WTPO purchases loans on PSX? PSX doesn't track post-execution operations — delivery to the buyer, settlement, payment. That's Pipeline Management.
Priority Recalibration
| Module | Previous Priority | Revised Priority | Rationale |
|---|---|---|---|
| BestEx | Immediate | Future (when agency delivery starts) | WTPO not doing agency delivery yet |
| Pipeline Management | Future | Immediate | Post-purchase tracking is the gap |
| PSX Integration | Near-term | Future (pairs with BestEx) | Depends on BestEx being needed |
| Risk/Hedging | Future | Future | When WTPO holds inventory |
What's NOT Changing
- BestEx is correctly built and will be needed when WTPO starts agency delivery
- The PSX-to-BestEx integration spec (ADR-019) is valid for when WTPO adds investors not on PSX
- The BestEx engine, 32 unit tests, and 21 API endpoints are production-ready code waiting for data
- A second principal (CDFI-focused) is expected later this year
What IS Changing
- Pipeline Management spec is being written as the next feature
- The Pipeline scope is narrowed to PSX-principal workflow first (not the full legacy pipeline lifecycle)
- BestEx alpha is deferred until WTPO has agency delivery relationships
Broader Insight
The Product Owner connected an important dot during this session: PSX's stacking engine (ranking loans across buyer rate sheets) is functionally equivalent to BestEx (ranking loans across investor prices). The difference is vocabulary (buyers vs investors, rate sheets vs DDE feeds) and the source of prices. BestEx adds value specifically for investors not on PSX — agencies and direct relationships with prices from commitment agreements or market feeds.