Texas Capital Bank, already one of the nation’s largest warehouse lenders, is committed to delivering a superior experience to mortgage bankers through its mortgage finance division. Now, using the same expertise, streamlined processes and customized technologies, Texas Capital Bank has launched a new offering — correspondent lending.
“For any mortgage originator, repurchases are a major concern,” said Gary Ort, president of Texas Capital Bank’s mortgage finance division. “Our new correspondent lending business will perform in-depth due diligence on the loans it purchases to minimize repurchase risk, while leveraging technology to render quick purchase decisions.
“We believe this will be an attractive proposition to prospective sellers.”
Texas Capital Bank’s Correspondent Hub platform is designed specifically for correspondent aggregation. Many aggregators leverage technology from their retail or wholesale platform, which can lead to inefficiencies when used for correspondent business.
The Correspondent Hub platform leverages the latest in OCR technology to lift information from key documents, which are then validated in an automated process and made into a virtual loan file.
“The beauty of the virtual loan file is that it no longer is dependent upon an assembly line process, but rather can be worked on simultaneously by multiple team members, allowing concurrent work efforts to be completed,” said Jack Nunnery, executive vice president and director of correspondent lending. “We believe this will give us a huge lift in efficiency and lead to faster turn times.”
Cutting-edge technology is a central component across all of Texas Capital Bank’s mortgage finance offerings. Its warehouse lending platform, WarehouseNow, simplifies funding by giving clients a way to quickly upload their funding requests online, which allows the Texas Capital Bank team to quickly review, approve and wire advances out within minutes.
And Correspondent Hub gives the company the ability to perform increased due diligence to mitigate the risk of repurchase, while shaving days off the time to purchase a loan.
“When you combine technology with a service culture, it creates satisfied clients,” Nunnery said.
Those satisfied clients have fueled tremendous growth in Texas Capital Bank’s mortgage finance division over the past several years, and Ort gives some of the credit to his company’s approach to hiring.
“Many banks leverage existing personnel to market credit and deposits to mortgage bankers, which makes it difficult for their clients because it is truly a specialized niche,” Ort said.
“We’ve taken the approach that we hire people from within the mortgage industry, which helps us to be more closely aligned with our clients. For them, it means that they don’t have to educate their bank on the intricacies of their business, and for us, it helps us to take the right risks, because we have an in-depth understanding of the business.”
As the mortgage industry continues to undergo a significant change, Texas Capital Bank relishes the opportunity to meet the challenges head-on.
“We’re in an exciting time because we have the ability to leverage technology to address these new demands, while at the same time, improve our businesses,” Ort said.
“We believe that by delivering technological innovation and process improvements, this will keep our clients at the forefront in this evolving market landscape.”
Gary Ort, President, Mortgage Finance Division
Gary Ort joined Texas Capital Bank in January 2008 as executive vice president, division manager for the mortgage finance division. Since that time, he has grown the warehouse lending business to become one of the top five warehouse lenders nationally and has expanded the mortgage finance division to include correspondent lending, MSR lending and treasury services.
Ort has broad mortgage banking experience, including senior management positions in mortgage banking production, servicing and operations. Ort resides in Allen, Texas and enjoys touring the country with his wife on their motorcycles.
Jack Nunnery, EVP and Director of Correspondent Lending
Jack Nunnery is the executive vice president and director of correspondent lending at Texas Capital Bank, previously serving as its national production manager for warehouse lending.
Nunnery has broad experience in the mortgage industry across different mortgage origination platforms and in a variety of roles, including counterparty risk management, mortgage technology, underwriting, post production, and managing a mandatory trading desk. Nunnery received his B.A. from the University of Florida and has an M.B.A. from the University of North Florida.