Civic Financial Services introduced its new correspondent lending channel for traditional mortgage and private money lenders with warehouse line options.
The company has created a banked product that enables partners to offer a complete product line with a private institutional lender. Civic said approved lenders could also close Civic loans in their name, as well as access their warehouse lines through the new correspondent platform.
“In the wholesale arena, private money products were only available through the broker vein, which meant less revenue for the mortgage banker,” said Civic Financial President William Tessar. “In the private money arena, lenders were previously limited by the amount of capital they could raise.”
“Creating a correspondent channel was a natural progression for our company, whose roots lie in the fix-and-flip space as well as 30 years of experience in institutional lending,” said Zeenat Zonte, director of correspondent lending at Civic. “This is a win-win for mortgage partners and investors alike. With Civic correspondent loan programs, our partners can offer a unique product in high demand for acquisition, rehab, and rental scenarios.”