Texas Capital Bank in Dallas has created a correspondent aggregator channel to complement its existing warehouse lending program.
The bank plans to hire 100 mortgage professionals to staff the new division.
"We have experienced exceptional growth in our warehouse lending program," said Gary Ort, president of Texas Capital Bank's mortgage finance division, in a Sept. 9 news release. "We saw an opportunity to leverage these assets — and our track record in the industry — to address a significant gap in the correspondent aggregation market."
Texas Capital has added new technology for the loan review process that features enhanced due diligence with the aim of reducing repurchase risk for originators as well as improve turn times. The technology, which was designed specifically for the aggregation space, will be available to the program's loan sellers as the Correspondent Hub.
"Correspondent Hub will provide unparalleled functionality and access to all of the services they require — from correspondent application workflow and approval processes, to pricing and management of transactions, through loan funding and servicing — all in one, integrated, high-performing platform," said Jack Nunnery, executive vice president of correspondent lending, in the news release.
