Cherry Creek Mortgage announced the creation of a new Correspondent Purchase Program that will enable its business partners to more efficiently deliver loans to secondary market investors. Secondary market conditions are constantly changing in response to regulatory pressures that drive tighter documentation requirements, more oversight, and expanded transparency, and these conditions are driving demand amongst lenders for this type of B2B solution.
Cherry Creek Mortgage anticipates that its Correspondent Purchase Program will create opportunities to establish strategic relationships with institutions that share its own strong principles for responsible lending and help them to engage with the secondary market in a more profitable and secure way.
To lead this new business unit, Cherry Creek Mortgage has recently hired Michael D. Falce and Shelby Wise who share a combined 40 years of mortgage experience and have previously worked together at Aurora Loan Services. Falce and Wise have leveraged their shared business experience to quickly implement their team-based approach to managing the Correspondent Purchase Program, and their goal is to improve workflow efficiencies, streamline quality control reviews, and provide competitive pricing structures for their business partners. Ultimately, the Correspondent Purchase Program will seek to provide clients with a flexible, seamless approach to selling loans in the secondary market.
Falce spent the majority of his career in executive roles within the capital markets and sales divisions at Aurora Loan Services, a division of Lehman Brothers, and Countrywide Home Loans. He successfully built multiple Whole Loan Purchase Platforms with and brings a strong focus on customer service to Cherry Creek Mortgage. Wise spent the majority of her career in the Correspondent Sales division of Aurora Loan Services, and most recently, she served as a key member of the Quality Control and Compliance department at a local Colorado lender.