Sentences with phrase «correspondent lenders»
"Correspondent lenders" refers to financial institutions or companies that issue loans to borrowers but then sell those loans to larger lenders or investors. They act as intermediaries between the borrowers and the larger lenders by underwriting and originating the loans, but they don't keep the loans on their books for the long term. Instead, they package and sell the loans to other lenders, freeing up their capital to make more loans. Full definition
The strength of correspondent lenders lies in their service and their relationships in the community.
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Many correspondent lenders, like mortgage brokers, have several sources to choose from, so they can help you to find a loan at a lower rate.
Unlike mortgage brokers, correspondent lenders fund the loans with their own borrowed money instead of through a bank or other financial institution.
Because correspondent lenders do even more of the process than brokers,, many of their relationships often produce significantly better deals for the consumer.
Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations.
And borrows often choose correspondent lenders based on personal relationships and trust.
This allows correspondent lenders to maintain a high level of liquidity, so they can have cash available to finance more loans.
So you can expect correspondent lenders to be thorough and ask for more than the minimum requirements during the home loan application process.
Unlike correspondent lenders and direct lenders, portfolio banks originate loans for their own portfolio; portfolio banks don't originate loans to be sold into the secondary market.
Good correspondent lenders receive lots of referral work from their satisfied customers in the local community.
Rather than using their own money to extend mortgages, as banks do, correspondent lenders draw from their credit lines (often called warehouse lines).
The company structure of correspondent lenders is almost a secret; even the brightest of people have a hard time knowing if they're dealing with a correspondent.
Many correspondent lenders, like mortgage brokers, have several sources to choose from, so they can help you to find a loan at a lower rate.
A big factor was Bank of America's decision, in late 2011, to stop buying mortgages from other banks known as correspondent lenders.
Mid America Mortgage, Inc.'s Wholesale Lending Division offers a wide variety of purchase and refinancing solutions for mortgage brokers and correspondent lenders including conventional loans, FHA products, VA programs, non-conforming jumbo loans and more.
10M 75 5YYYYY YYYYY YYYYYYYYYYYY YY Correspondent NATIONWIDE PCLG is a nationwide mortgage banker and correspondent lender specializing in commercial permanent, commercial bridge and agricultural financing, including hard money loans.
Correspondent lenders take on the dual role of mortgage broker and mortgage lender.
Direct lenders originate loans, and wholesale and correspondent lenders purchase loans, from Mortgage Brokers or smaller lenders, most often with the intent to resell those loans into the secondary market, packaging them into MBS.
In addition, unsupervised correspondent lenders (as opposed to brokers) must provide business and personal credit reports, audited financial statements, quality control plans, sanctions letters and funding programs, and finally post a fidelity bond of at least $ 300,000 and carry at least $ 300,000 of errors and omissions insurance.
Foundation Mortgage as an Approved VA Correspondent Lender can help expedite the processing of your COE and assist you in fully explaining your Eligibility Benefits.
We offer a wide variety of home loan products to mortgage brokers and correspondent lenders throughout much of the United States.
Representing the ResCap Liquidating Trust in actions against correspondent lenders, relating to the origination and sale of defective residential mortgages.
«For this large asset we were able to partner two correspondent lenders together to provide the best pricing to the borrower, with a single loan execution,» Weidell said.
In Smith v. First Family Financial Services, the Supreme Court of Alabama addressed allegations by borrowers against a mortgage lender and correspondent lender alleging fraud, breach of fiduciary duty, and conspiracy.
Correspondent lenders originate and fund loans in their own name and then sell the loan to the sponsor who services it or in turn sells the loan.
During his career, Mr. Nicholl has produced loans totaling nearly $ 1.5 billion for 20 life insurance company correspondent lenders, plus numerous other lenders, both institutional and private.
Mid America Mortgage, Inc. has been in business since 1940 and we've helped thousands of home buyers, homeowners, brokers, and correspondent lenders obtain the financing they were seeking.
Mid America Mortgage, Inc.'s Wholesale Lending Division offers a wide variety of purchase and refinancing solutions for mortgage brokers and correspondent lenders including conventional loans, FHA products, VA programs, non-conforming jumbo loans and more.
20M 80 1.25 YYYYY YYY YYYY YYYYYYY YYYYYY Correspondent NATIONWIDE PCLG is a nationwide mortgage banker and correspondent lender specializing in commercial permanent, commercial bridge and agricultural financing, including hard money loans.
A mortgage banker or correspondent lender is rarely only setup with one mortgage insurance company.
If a correspondent lender makes mortgage loans available from one source of funds, they may be functioning as the exclusive agent of the funding lender.
Correspondent lenders, a relatively new group of mortgage loan providers, are similar to mortgage bankers in their ability to make a decision whether to extend you a loan and fund it with their own money.
However, as soon as your loan is closed, it is usually sold to another lender, the «funding lender», with which the correspondent lender has a business relationship.
Generally speaking, there are three ways to get a mortgage loan: From a Bank or Credit Union, a Mortgage Broker, or a non-bank direct lender (also known as a correspondent lender).
Furthermore, it provides an opportunity for you to familiarize important institutions in the mortgage lending industry such as credit unions, mortgage bankers, correspondent lenders, mutual savings banks, among others.
Non-bank lenders encompass many people, from a traditional mortgage broker, to correspondent lenders (think super broker), or direct lenders who are not banks.
-RRB- was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services.
I work for a correspondent lender.
Job Summary: Meets or exceeds established production levels for loans based on budget (third party origination) for new business and develops / maintains working relationships with Brokers / Correspondent Lenders.
We are a correspondent lender who has been serving Washington for over 30 years.
Correspondent lenders are like the «Mom and Pop Shops» of the mortgage world.
Because of this relatively complex system, correspondent lenders must be very cautious when approving home loans.
Mortgage Originators are the institutions introduced in our discussion of the loan origination tier (correspondent lenders, direct lenders, mortgage brokers, and portfolio banks).
Correspondent lenders are smaller companies with some of their own money to lend to buyers.
Direct lenders will keep some of the loans they originate in - house as part of their portfolio, but they will sell off many of the loans to mortgage aggregators through investors, just like we saw with correspondent lenders.