Castle Mortgage Corporation and American Mortgage Network have announced that its Correspondent Purchase Program is operational in 24 states. The company is adding this delegated underwriting Correspondent Program as part of its strategy to complement its non-delegated program (mini-correspondent) and wholesale broker channel.
A subsidiary of Bexil American Mortgage, Castle Mortgage and AmNet originate and service loans for Ginnie Mae, Freddie Mac and Fannie Mae. It currently services over $450 million in mortgages for borrowers in 24 states.
“As we open our Correspondent Purchase Program to the market, we bring that same passion of pricing and service to a broader customer base,” said Alex B. Rozek, executive chairman of Bexil American Mortgage. “Our deep experience gives us the ability to offer direct trade, enabling a traditional best efforts correspondent to enter the mandatory market with less than typical risk.”
“We believe that offering multiple delivery options with multiple delivery executions fill a gap in the marketplace, allowing us to be a focused correspondent lender,” said George Hawkins, president of Bexil American Mortgage and Castle Mortgage. “Our full service correspondent program offers best efforts delivery, mandatory delivery and both small and large bulk package sales included in the delivery programs,” noted Hawkins.
Program benefits include:
►A commitment to technology
►Consistent and aggressive pricing on the products you need the most
►Direct trades with multiple delivery options to fit your business model
►Quick turn-times. A nationally known fulfillment company will coordinate loan review to assure consistent time frames for analysis of loans, regardless of volume levels