Castle Mortgage Corp. and American Mortgage Network, subsidiaries of Bexil American Mortgage, just introduced a correspondent purchase program, which is operational in 24 states.
The firm calls it a “delegated underwriting correspondent program” and says the initiative is part of a broader strategy to complement its mini-correspondent and wholesale broker channel.
Castle and AmNet originate and service loans for Ginnie Mae, Freddie Mac and Fannie Mae. Castle currently services $450 million mortgages.
"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 Mr. 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."