Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions, according to vendors and consultants that work with the firm.

The startup—which has ties to mega-subservicer Ocwen Financial—is headed by former Freddie Mac executive James Cotton who carries the title of president and chief operating officer. Its CEO is Ashish Pandey, a former Ocwen executive.

Another key officer is Michael Larssen who used to work for LendersOne, the largest mortgage cooperative in the U.S. (Altisource Portfolio Solutions -- which was spun off by Ocwen -- controls Mortgage Partnership of America, the management company that oversees LendersOne.)

Officials from both Ocwen and Correspondent One did not return media inquiries from National Mortgage News. (No phone number is listed on Correspondent One’s sparse website.)

One consultant who has done work for Correspondent One said the firm is privately held but noted that Ocwen is one of its investors. “Others own it, too,” he said. “Their goal is to step in and fill the void of the big guys leaving.”

Ocwen itself has not originated new loans in years and over the years the former thrift has reinvented itself as a speciality/high-touch servicer.

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