A correspondent lender originates, and unlike a mortgage broker, underwrites, and funds mortgage loan using their own funds.[1] The initial loan is usually made in the name of the correspondent lender, and then after closing, the loan is either sold to a larger primary lender or on the secondary mortgage market.[2]
Many smaller credit unions make home loans as correspondents, selling the loan once the mortgage is complete. Some banks act like as correspondents, making mortgages in their own name, but later selling those notes to a larger institution. Correspondent lenders may, in some cases, continue to service the loan, keeping the loan in their name, while collecting a fee from the primary lender who now holds the note.[3]
Correspondent lenders usually underwrite their loans according to the guidelines of the larger lender, allowing for the loan to be sold quickly.[4]
^"What Is a Correspondent Lender? - Mortgage Professor". mtgprofessor.com. Retrieved 2018-01-03.
^"CMG News - What is Correspondent Lending?". cmgfi.com. Retrieved 2018-01-03.
^"What Is a Correspondent Lender? - Budgeting Money". budgeting.thenest.com. Retrieved 2018-01-03.
usually made in the name of the correspondentlender, and then after closing, the loan is either sold to a larger primary lender or on the secondary mortgage...
Stearns Lending, LLC was an American wholesale, retail, and correspondentlender. Founded in 1989, it grew until it became the fifth-largest privately...
Many commercial mortgage lenders require an application fee or good-faith deposit, which is typically used by the lender to cover underwriting expenses...
mortgage lending division that originated loans via approved mortgage brokers and which used the fictitious name AFMI Funding. As a correspondentlender, AFM...
the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and...
their customers. The strategy encompasses direct consumer lending and correspondentlending. Institutional partners can price, lock and deliver individual...
50 states. Its products include Lender-Placed Property and Auto, which includes lender-placed auto insurance and lender-placed, real-property hazard insurance;...
Trust (NYSE: PMT), a mortgage REIT. PennyMac was the third largest mortgage lender, the sixth largest mortgage servicer, and largest aggregator of residential...
Home Mortgage Investment Corporation was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust...
packaged into mortgage-backed securities. Some companies, called correspondentlenders, sell all or most of their closed loans to these investors, accepting...
Correspondent inference theory is a psychological theory proposed by Edward E. Jones and Keith E. Davis (1965) that "systematically accounts for a perceiver's...
original correspondents featured on CBS news program 60 Minutes, which debuted in 1968. Wallace retired as a regular full-time correspondent in 2006,...
Prospect Mortgage was a residential retail mortgage lender that offered a range of home loans. The company was founded in 2007 and was headquartered in...
name of Prabhu Bank Limited. The bank has been maintaining harmonious correspondent relationships with various international banks from various countries...
Uddin, AKM Zamir (3 January 2022). "IFIC Bank to sell entire stake in Nepal lender". The Daily Star. Retrieved 15 January 2023. Ahmed, Inam (4 January 1998)...
Henry Cantlie (born 7 November 1970) was a British war photographer and correspondent last seen alive in 2016 when he was held hostage by Islamic State. Cantlie...
weekend editions of the Today show and the NBC Nightly News, she became a correspondent for Dateline NBC, also covering politics. After leaving NBC News in...
provides an influential early analysis of the role of the lender of last resort. The role of the lender of last resort, and the existence of deposit insurance...
incentives to encourage lenders to reduce homeowner's monthly payments to 31% of their monthly income. Under the program, a lender would be responsible for...
January 2017) was an English journalist and author. She was the first war correspondent to report the outbreak of World War II, described as "the scoop of the...
and start-ups. SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service. Finin collaborates with SBM Bank India. Arya announces...
proprietor of The Daily Telegraph, said Johnson "was such an effective correspondent for us in Brussels that he greatly influenced British opinion on this...
Interest, or payment from a borrower or deposit-taking institution to a lender or depositor, increases the overall costs of goods and services. Critics...