Excelerate Capital, a multi-state full-service wholesale, retail and residential mortgage banker, announced today the successful completion of its acquisition of Castle Mortgage Corporation.
Headquartered in Newport Beach, California, Excelerate Capital was an early adopter of non-QM lending following the advent of the Ability-To-Repay (ATR) rule in 2014. It also provides a full range of agency conforming financing, including FHA, VA, Fannie Mae and Freddie Mac programs. The acquisition of Castle Mortgage is a strategic move on the part of Excelerate to expand its origination footprint nationwide and immediately position itself as a direct Fannie Mae, Freddie Mac and Ginnie Mae seller/servicer.
Mike Thompson, co-founder of Excelerate, will continue to lead the company as chairman and managing member.
“Castle Mortgage is an ideal strategic fit for Excelerate, and we are thrilled to have them join forces with us,” Thompson said. “Beyond their state licensing and federal agency approvals, their leadership team possesses deep knowledge and experience in all aspects of mortgage lending to help move the Excelerate enterprise to the next level.”
Excelerate President Thomas Yoon shared Thompson’s enthusiasm about the acquisition, adding, “We are excited, and believe our success will allow our borrowers to benefit from additional loan products and services. We will have the opportunity for a nationwide footprint to expand as a forward-thinking, entrepreneurial firm offering both non-QM and QM financing with a commitment to excellence and always putting borrowers first.”