Services We Offer

Exceptional lending services offered by Castle Mortgage Corporation

Wholesale Brokers

As a mortgage lender, Castle Mortgage Corporation (CMC) establishes relationships with Wholesale Brokers. These relationships represent doing business in states where the Wholesale Broker and CMC are appropriately licensed.

Correspondent Lenders

As a Mortgage Lender, Castle Mortgage Corporation (CMC) establishes relationships with Correspondent Lenders. These relationships represent doing business in states where the Correspondent and CMC are appropriately licensed.

Loan Servicing

Clicking this link will redirect you to myservicemac.com a third party website, supporting Castle Mortgage Corporation services.

Wholesale Brokers

As a Mortgage Lender, Castle Mortgage Corporation (CMC) establishes relationships with Wholesale Brokers Brokers. These relationships represent doing business in states where the Wholesale Broker and CMC are appropriately licensed.

Wholesale Broker Eligibility

Please see the following eligibility criteria. If you meet the requirements, the formal wholesale broker application form is available via the link below.

 

Minimum adjusted tangible net worth equal to a minimum of $50,000. Exceptions are available on a case by case basis.

Demonstrated profitability in the last full year and current year to date. Exceptions are available on a case by case basis.

Properly licensed in good standing and authorized to conduct business.

620 FICO score for any individual owners with more than 10% ownership interest

Company in existence for 2 years or 5 years’ experience for principals

Maintain a good reputation as confirmed through references and background check.

Maintain a “good standing” rating with all governmental licensing and revenue collection agencies.

Maintain a public record clear of any civil or criminal judgments.

Errors and Omission (E&O) Insurance, as defined by state requirements where licensed.

Fidelity Bond, as defined by state requirements where licensed.

Become a Castle Mortgage Corporation qualified broker.

Correspondent Lenders

As a Mortgage Lender, Castle Mortgage Corporation (CMC) establishes relationships with Correspondent Lenders. These relationships represent doing business in states where the Correspondent and CMC are appropriately licensed

Non-Delegated Lender Eligibility

Please see the following eligibility criteria and feel free to apply if you meet the requirements listed at right for our non-delegated correspondents.

 

Non-Delegated Correspondent

A Non-Delegated Correspondent will originate, draw closing documents, and fund loans in their name; however, underwriting will be performed by Castle Mortgage Corporation.

Requirements include, but are not limited to:

Minimum adjusted net worth based on state requirement where licensed

Demonstrated profitability in the last full year and current year to date

Current license(s) in good standing

620 FICO score for any individual owners with more than 10% ownership interest

3 years mortgage industry experience for principals and/or key management

Two-year operating history Sufficient warehouse line(s) to fund mortgages

3-month post funding defect rate that aligns with the defect ratio stated in the Correspondent’s Quality Control Process

Retail business only (TPO business will be considered for Delegated Correspondents with additional net worth and liquid assets as outlined in the Conditionally Delegated and Delegated Correspondent Requirements below)

CMC AE, Sales Manager or Corporate Officer has had a previous mortgage business relationship with the Correspondent or has knowledge of their positive industry reputation.

Errors and Omission (E&O) Insurance, as defined by state requirements where licensed and/or Fannie Mae, Freddie Mac, Ginnie Mae requirement

Fidelity Bond, as defined by state requirements where licensed and/or Fannie Mae, Freddie Mac, Ginnie Mae requirement

Delegated & Conditionally Delegated Correspondent Lender

Please see the following eligibility criteria for our Correspondent Lenders.

REQUIRED DOCUMENTATION (all programs):

  • Completed CMC Corporation Delegated Correspondent or Non-Delegated Correspondent Application
  • Signed CMC Correspondent Purchase Agreement and applicable addenda executed by an authorized signer
  • Completed and signed IRS Form W-9
  • Resumes of officers and key management
  • Most recent year audited financials and unaudited year to date balance sheet and Profit and Loss (P&L)
  • Quality Control (QC) Policy and Procedure
  • Most recent 3 months of post funding QC reports
  • Company Formation (Based on company formation, documentation to ensure appropriate signors, copy of Corporate Resolution, Articles of Incorporation, Agreement indicating authorized signers as applicable)
  • Correspondent Affiliated Business Arrangements, a sample should be provided if affiliated entities are identified during application review process
  • Completed eSign Consent Form
  • Signed Credit Authorization for all owners with more than 10% interest (N/A for FIPP)
  • Copy of E&O policy
  • Copy of Fidelity Bond
  • Copy of Agency Approval Letter
  • Resumes of underwriters
  • Most recent investor scorecards from 3 investor references HUD Neighborhood Watch Statistical Report.
  • User Setup Roster
  • Additional items may be requested from the Correspondent.

ADDITIONAL INFORMATION

CMC will utilize information provided by other third-party sources including but not limited to:

  • A two bureau, “soft pull” credit report on each of the owners with greater than a 10% stake in the Correspondent company
  • The use of Google Maps street view to verify that the business exists at the address on the application (when possible)
  • Front Line Data Insight report

BRANCH REQUIREMENTS

Correspondent branches will be approved under the Correspondent’s corporate approval. Branch locations disclosed on the application will not be subject to additional documentation. All branches doing business with CMC are subject to the terms of the Correspondent Agreement and addenda. The Corporate office will be held accountable for all branch issues.

 

Conditionally Delegated Correspondent

A Conditionally Delegated Correspondent utilizes a CMC approved contract underwriting/compliance vendor. The correspondent authorizes the transfer of the diligence certification to CMC.

These requirements are in addition to or in lieu of the requirements for Non-Delegated Correspondent:

CMC will perform a due diligence interview with at least one employee of the Correspondent.

Company must be permanent having succession. Sole proprietorships are not allowed.

Assets and Net Worth

Best Efforts: $1mm liquid assets and $2.5mm adjusted net worth

Mandatory: $2mm liquid assets and $5mm adjusted net worth

TPO business may be allowed with additional liquid assets and net worth equal to 1% of expected annual delivery of TPO loans. The required liquid assets and net worth required is $3mm and $7mm, respectively. Correspondent must request in writing to deliver TPO business and will receive written confirmation if request is accepted.

Delegated Correspondent

A Delegated Correspondent is responsible for all loan processes and submits a closed loan to CMC for purchase.

These requirements are in addition to or in lieu of the requirements for Conditionally Delegated Correspondent:

CMC will perform a due diligence interview with at least one employee of the Correspondent.

Company must be permanent having succession. Sole proprietorships are not allowed.

Assets and Net Worth

Best Efforts: $1mm liquid assets and $2.5mm adjusted net worth

Mandatory: $2mm liquid assets and $5mm adjusted net worth

TPO business may be allowed with additional liquid assets and net worth equal to 1% of expected annual delivery of TPO loans. The required liquid assets and net worth required is $3mm and $7mm respectively. Correspondent must request in writing to deliver TPO business and will receive written confirmation if request is accepted.

Financial Institution Purchase Program (FIPP)

Please see the following eligibility criteria. If you meet the requirements, please contact us to apply.

 

REQUIRED DOCUMENTATION (all programs):

  • Completed CMC Corporation Delegated Correspondent or Non-Delegated Correspondent Application
  • Signed CMC Correspondent Purchase Agreement and applicable addenda executed by an authorized signer
  • Completed and signed IRS Form W-9
  • Resumes of officers and key management
  • Most recent year audited financials and unaudited year to date balance sheet and Profit and Loss (P&L)
  • Quality Control (QC) Policy and Procedure
  • Most recent 3 months of post funding QC reports
  • Company Formation (Based on company formation, documentation to ensure appropriate signors, copy of Corporate Resolution, Articles of Incorporation, Agreement indicating authorized signers as applicable)
  • Correspondent Affiliated Business Arrangements, a sample should be provided if affiliated entities are identified during application review process
  • Completed eSign Consent Form
  • Signed Credit Authorization for all owners with more than 10% interest (N/A for FIPP)
  • Copy of E&O policy
  • Copy of Fidelity Bond
  • Copy of Agency Approval Letter
  • Resumes of underwriters
  • Most recent investor scorecards from 3 investor references HUD Neighborhood Watch Statistical Report.
  • User Setup Roster
  • Additional items may be requested from the Correspondent.

ADDITIONAL INFORMATION

CMC will utilize information provided by other third-party sources including but not limited to:

  • A two bureau, “soft pull” credit report on each of the owners with greater than a 10% stake in the Correspondent company
  • The use of Google Maps street view to verify that the business exists at the address on the application (when possible)
  • Front Line Data Insight report

BRANCH REQUIREMENTS

Correspondent branches will be approved under the Correspondent’s corporate approval. Branch locations disclosed on the application will not be subject to additional documentation. All branches doing business with CMC are subject to the terms of the Correspondent Agreement and addenda. The Corporate office will be held accountable for all branch issues.

 

Financial Institution Purchase Program (FIPP)

These requirements are in addition to or in lieu of the requirements for Non-Delegated Correspondent (above).

CMC will perform a due diligence interview with at least one employee of the Correspondent.

Company must be permanent having succession. Sole proprietorships are not allowed.

Assets and Net Worth

Best Efforts: $1mm liquid assets and $2.5mm adjusted net worth

Mandatory: $2mm liquid assets and $5mm adjusted net worth

TPO business may be allowed with additional liquid assets and net worth equal to 1% of expected annual delivery of TPO loans. The required liquid assets and net worth required is $3mm and $7mm, respectively. Correspondent must request in writing to deliver TPO business and will receive written confirmation if request is accepted.