Strategic relationship will enable companies to grow non-QM originations
Nonbank retail lender CrossCountry Mortgage has signed a multi-year agreement with Hildene Capital, enabling the credit asset manager to expand its non-QM investment pipeline.
Hildene has formed a strategic partnership with CrossCountry Mortgage (CCM) and its asset management and services arm, CrossCountry Capital, to gain access to certain non-QM loans from the CCM platform. CrossCountry Capital representatives will also invest in an account managed by Hildene, according to the company. Terms of the transaction were not disclosed.
CrossCountry Mortgage operates a residential mortgage originator in all 50 states, with over 700 retail locations nationwide. The company said that its relationship with Hildene allows both parties to work together to securitize non-QM loans on a programmatic basis.
“We are pleased to enter into this partnership with Hildene, which will allow us to grow our non-QM originations and further capitalize on the current market environment,” CCM founder and CEO Ron Leonhardt said.
Steven Ujvary, managing partner at CrossCountry Capital, commented: “Our partnership with Hildene is a testament to the high conviction we have in the non-QM investment strategy. We look forward to working with Brett, Dushyant, and the Hildene team to source and securitize attractive residential mortgage investments together in the years ahead.”
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“This strategic relationship grants Hildene an attractive entry point into the non-QM market as well as an opportunity to further strengthen the depth and breadth of our investment pipeline,” said Dushyant Mehra, co-chief investment officer and portfolio manager of Hildene. “With traditional lenders pulling back from the market, we believe CCM’s origination platform is both complementary and accretive to Hildene’s investment philosophy as we seek to execute unique risk-adjusted, value-generating investment opportunities for our clients.”
“CrossCountry Mortgage has cemented its position as a leading US mortgage originator with an exceptional team of loan experts, national retail footprint and impressive track record of purchase loan origination Hildene co-chief investment officer Brett Jefferson said. “We are excited to partner with the company at a time of significant growth and increased market dislocation, which will allow Hildene the ability to generate sound credit investments at historically high-interest rates.”
