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Bexil Mortgage Acquires Southeast Lender

Merger adds agency approvals

Jan. 10, 2013

By Mortgage Daily staff

The acquisition of a residential lender doing business in the Southeast has brought agency approvals to Bexil American Mortgage.

In October 2011, the launch of Bexil was announced. The wholesale lending division operates as American Mortgage Network.

Heading the San Diego-based lender is John M. Robbins. In addition to his previous role as chairman of the Mortgage Bankers Association, Robbins was chairman and chief executive officer of another company with a similar name, American Mortgage Network Inc., which was acquired in 2005 by Wachovia Securities and subsequently stopped lending.

When Bexil was launched, it indicated that it was seeking acquisitions.

On Thursday, such a transaction was announced.

Bexil said that it has closed on the acquisition of Castle Mortgage Corp. Terms of the deal weren't disclosed.

Based in Birmingham, Ala., Castle is a full-service mortgage lender operating throughout the Southeast that is approved in nine states..

"Castle Mortgage adds significant depth and flexibility to our capabilities as we grow our company," Robbins said in the announcement. "Their seller-servicers approvals with Fannie Mae, Freddie Mac, and Ginnie Mae will accelerate our entrance into the retail market and provide a competitive advantage for our mortgage broker customers."

A Bexil spokeswoman said that Castle Mortgage employs 10 people, while Bexil's staff stands at 125 -- bringing combined headcount to 135.

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