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REIT Funds Correspondent Program

Castle Mortgage announces new channel

Jan. 2, 2014

By Mortgage Daily staff

A new correspondent lending program is being financed through a partnership deal with a real estate investment trust.

Castle Mortgage Corp., which says it operates in 24 states, plans to formally announce its correspondent purchase program on Jan. 8.

The new program provides approved clients with fully delegated underwriting authority as well as "competitive pricing" and "first-class service."

"Now, with our Correspondent Purchase Program, Castle Mortgage can bring the same competitive pricing and first-class service to a broader customer base," a statement from the company said.

The move into correspondent by the Birmingham, Ala.-based firm follows the fall launch its "Express" full-service web portal for wholesale lending clients.

Castle Mortgage was acquired by Bexil American Mortgage Inc. in January 2013.

Castle's foray into mini-correspondent and full correspondent was financed through a strategic partnership with Big Moat REIT, which invests in mortgage assets.

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