CrossCountry Mortgage Expands Asset Management with Growth
Expansion of CrossCountry Capital
CrossCountry Capital, part of CrossCountry Mortgage, is making headlines with its impressive growth. Recently, they announced that they have received over $1 billion in equity capital commitments, paving the way for more than $20 billion in new loan investments. This development reflects the rapid evolution of their asset management platform, aimed at addressing the diverse needs of the mortgage sector.
Strategic Partnerships and New Initiatives
In a bid to bolster its services, CrossCountry Capital has partnered with notable firms like an Ares Alternative Credit fund and Hildene Capital Management. These collaborations are designed to enhance their non-QM (qualified mortgage) investment platform while introducing new asset classes. This includes residential transition loans, construction financing, multi-family lending, and innovative HELOC (Home Equity Line of Credit) and second-lien strategies.
Building on a Strong Foundation
Founded in 2003, CrossCountry Mortgage has grown to become the largest retail mortgage lender in the nation, with approximately 960 locations across the country. Alongside this infrastructure, they have developed a significant servicing portfolio that also supports their origination business. The rapid ascendancy of CrossCountry Capital since its establishment in 2022 has been remarkable; it now manages loans exceeding $7 billion and operates a prominent non-agency securitization program.
Vision for the Future
Leaders at CrossCountry are excited about the future. CEO Ron Leonhardt expressed pride in their achievements while highlighting their commitment to providing exceptional service to borrowers and loan officers. He noted that the growth of CrossCountry Capital positions them uniquely to capitalize on current market conditions, an opportunity that few competitors can claim. CFO Madhur Agarwal echoed this sentiment, emphasizing the importance of diversifying their business model beyond core origination and servicing activities.
The Role of Capital in Growth
Additional capital from their partners is crucial for CrossCountry Capital. Managing Partner Steven Ujvary outlined the importance of this funding, which will strengthen their capacity to scale operations and offer flexible financial solutions. As they address the needs of borrowers who are often overlooked by traditional lenders, they are poised to capture various emerging opportunities in the non-agency mortgage landscape.
About CrossCountry Mortgage
CrossCountry Mortgage is recognized as the premier distributed retail mortgage lender, employing over 8,000 staff members and operating around 960 branches nationwide. Their commitment to providing a wide array of mortgage solutions, from conventional loans to government-insured programs, has earned them repeated recognition as one of America’s fastest-growing private businesses. The company prides itself on making the mortgage process feel rewarding and accessible to all borrowers.
About CrossCountry Capital
CrossCountry Capital focuses on the residential housing market, sourcing investments and co-investing in mortgage-related assets. This approach allows them to supply securitization and loan management support to strategic partners, enhancing the efficiency and viability of their investment strategies. Their growth trajectory indicates a promising future as they continue to expand their footprint in this vital sector.
Frequently Asked Questions
What is CrossCountry Capital?
CrossCountry Capital is the asset management arm of CrossCountry Mortgage, focusing on non-agency mortgage investments and various housing sector developments.
How has CrossCountry Capital expanded recently?
The firm recently secured over $1 billion in equity capital commitments, which will significantly increase its loan investment capacity.
What types of loans does CrossCountry Capital invest in?
They invest in a range of products, including residential transition loans, multi-family lending, and HELOC strategies.
Who are the partners of CrossCountry Capital?
Notable partners include an Ares Alternative Credit fund and Hildene Capital Management, which enhances their investment capabilities.
What is CrossCountry Mortgage known for?
CrossCountry Mortgage is the largest distributed retail mortgage lender in the U.S., recognized for its extensive range of mortgage products and an award-winning culture.
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