SouthStar Funding has enhanced its correspondent lending offering by combining its correspondent partnership division with its loan acquisition group to become the correspondent lending group. The correspondent lending group targets community and regional banks, credit unions, mid-size mortgage lenders, mortgage brokers and homebuilders. Senior Vice Presidents Tommy E. Cruse and Brynn Stensrud will lead the group.
SouthStar Funding's correspondent lenders are categorized into three groups level one, level two and level three. These levels are determined by how much risk the correspondent wants to take and whether or not the correspondent has underwriting capabilities of its own. Correspondents can choose to underwrite and pull documents on their own loans, taking on greater risk, or they can have SouthStar underwrite and order documents for them. The correspondent lending group is extremely flexible and capable of accommodating any special needs the correspondent may have.
The correspondent lending group provides correspondents with the opportunity to attend SouthStar University, SouthStar's training facility, where information about products is taught. The training also provides correspondents with knowledge of how to better market these products to their borrowers. In addition, SouthStar University trains SouthStar account executives to serve both brokers and correspondents, so if a broker becomes a correspondent, the account executive will remain the same.
Atlanta-based SouthStar Funding is a non-conforming wholesale lender. For more information, call (800) 567-9385 or visit www.southstar.com.