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.

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