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Texas Capital Bank has launched a correspondent lending program (Mortgage Correspondent Aggregation) to complement its successful, multi-billion-dollar warehouse lending program, further expanding its legacy in the industry. The new division expects to hire 100 mortgage professionals in Richardson, Texas during the next year.
“We have experienced exceptional growth in our warehouse lending program as a result of our unmatched expertise, superior customer service, customized technology and a commitment to exemplary quality,” said Gary Ort, president of Texas Capital Bank’s Mortgage Finance Division. “We saw an opportunity to leverage these assets—and our track record in the industry—to address a significant gap in the correspondent aggregation market. We designed a program from the ground up with the specialized needs of today’s mortgage bankers and financial institutions in mind.”
The new correspondent lending program will introduce a new way for mortgage originators to work with their take-out investor. Texas Capital Bank is leveraging new technology to bring enhanced due diligence to the loan review process with the goal of reducing the risk of repurchase demands, while improving visibility into the process and reducing purchase times.
“The origination sector needs innovative solutions that address the ongoing challenges of the mortgage industry,” said Jack Nunnery, executive vice president of correspondent lending. “We have invested heavily in a new paradigm that will better facilitate loan purchasing, while enhancing the profitability of our sellers.”
One of the most unique aspects of the bank’s new service line is the use of new technology developed specifically for the aggregation space. Texas Capital Bank joined forces with a technology partner to develop a new correspondent platform which will be known to Texas Capital Bank correspondent sellers as Correspondent Hub. Texas Capital Bank is the first financial institution to integrate this technology, which launched in July and optimizes the interaction between correspondent sellers and investors.
“Correspondent Hub will provide unparalleled functionality and access to all of the services they require—from correspondent application workflow and approval processes, to pricing and management of transactions, through loan funding and servicing—all in one, integrated, high-performing platform,” said Nunnery.