loan correspondent

loan correspondent

(1) One who originates a loan. (2) One who services the loan by collecting payments from the borrower, disbursing funds to investors or the mortgage owner, monitoring insurance status and real estate tax payments, and handling phone calls and inquiries from the borrower.

References in periodicals archive ?
Under previous rules a credit union could be in the middle of the road with an FHA-approved partner like CU Members Mortgage as something called a loan correspondent, Clampitt explained.
Live Oak Capital served as a mortgage loan correspondent for 20 institutional lenders and had access to a national network of debt and equity capital resources.
has been selected as exclusive commercial real estate mortgage loan correspondent by Assurant for the northern New Jersey marketplace.
Joseph Foglia, who was Arkansas' district director of the Small Business Administration for the past 12 years, has joined Business Loan Express LLC of New York as an independent loan correspondent in Arkansas.
Live Oak Capital serves as a mortgage loan correspondent for 20 institutional lenders and has access to a national network of debt and equity capital resources.
on behalf of Transamerica Life Insurance Company, whom we also represent as a mortgage loan correspondent.
A loan correspondent is authorized to originate FHA-insured loans, and may close loans in its name and submit the loans for FHA insurance endorsement; however, the loan correspondent generally is not permitted to underwrite, purchase, hold or service FHA-insured loans.
The final rule applies to both sponsor lenders that underwrite loans and loan correspondent lenders that originate loans on behalf of their sponsors.
It was placed with Woodmen of the World Life Insurance Society whom MRG represents as mortgage loan correspondent.
RMLI operates in both California and Washington, and is an approved HUD/FHA loan correspondent mortgagee.
a relationship was developed that soon led to the appointment of Dwyer-Curlett as Cal-Western's loan correspondent in Southern California.
The new rule would apply to both sponsor lenders, who underwrite loans, and loan correspondent lenders, who originate loans on behalf of their sponsors.