mortgage lender

mortgage lender

A person or company that loans money and takes a security interest in real property.The lender can provide more than just real estate loans,but it is referred to as the mortgage lender when someone is talking about a real estate loan.

Mortgage Lender

The party advancing money to a borrower at the closing table in exchange for a note evidencing the borrower's debt and obligation to repay.

Retail,Wholesale,and Correspondent Lenders: Lenders who perform all the loan origination functions themselves are called “retail

lenders.” Lenders who have certain functions performed for them by mortgage brokers or correspondents are called “wholesale lenders.” Many large lenders have both retail and wholesale divisions. Wholesale lenders will have different departments to deal with correspondent lenders and mortgage brokers. The division of functions is shown in the table on the next page.

Correspondent lenders are typically small and depend on wholesale lenders to protect them against pipeline risk. A correspondent lender locks a price for a borrower at the same time as the correspondent locks with a wholesale lender.

Mortgage Banks Versus Portfolio Lenders: Mortgage banks sell all the loans they make in the secondary market because they don't have the long-term funding sources necessary to hold mortgages permanently. They fund loans by borrowing from banks or by selling short-term notes, repaying when the loans are sold.

Mortgage banks now dominate the U.S. market. Of the 10 largest lenders in 2002, nine were mortgage banks and only one was a portfolio lender. However, most of the large mortgage banks are affiliated with large commercial banks.

Portfolio lenders include commercial banks, savings banks, savings and loan associations, and credit unions. They are sometimes referred to as “depository institutions” because they offer deposit accounts to the public. Deposits provide a relatively stable funding source that allows these institutions to hold loans permanently in their portfolios.

Mortgage banks often offer better terms on fixed-rate mortgages than portfolio lenders, while the reverse is more likely for
adjustable rate mortgages. It would be a mistake to place too much reliance on this rule, however, because the variability within each group is very wide.

References in periodicals archive ?
Your solicitor will need to confirm these points to your new mortgage lender before you can remortgage.
Now, however, mortgage lenders are beginning to realize that mold's negative effect on their business is creeping into their bottom line.
Talk to a mortgage lender or an independent source about their programs and offerings for first-time homebuyers, and let them help you determine your standing," advises Seenarine.
For example, when the originator's bank receives a payment order from a mortgage lender to pay $1 million to "X," the originator's bank accepts the payment order when it issues an order to X's bank to pay X $1 million, or when it issues an order to an intermediary bank to pay X's bank $1 million for the benefit of X.
SAN DIEGO -- CORRECTION: The following release corrects a draft sent earlier today which incorrectly referenced BuckleySandler LLP as a founding member of Community Mortgage Lenders of America.
It ruled that the fact that the statute expressly prohibits a mortgage lender from imposing fees for payoff letters demanded in writing, does not grant license to impose unwarranted and unauthorized fees merely because the mortgagor happens to request the payoff documents by telephone.
For the second consecutive year, Savings of America ranks as the number one adjustable rate mortgage lender in Chicago, and consistently ranks as one of the top 10 mortgage originators in the Chicago area.
Additional relief provisions include mortgage lenders informing homeowners of disaster relief available from federal, state, and local governments; encouraging mortgage lenders to work with borrowers to promptly file any insurance claims applicable and to receive disbursements as quickly as possible; and working with borrowers who were experiencing payment problems before being affected by the floods.
is a privately owned and capitalized wholesale mortgage lender that specializes in A and Alt-A loan products.
a Colorado-based information publisher, announced today the introduction of Mortgage Point, an exciting new fax information service that lets mortgage lenders quickly, consistently and reliably communicate their rates and other critical information to brokers nationwide.
LSSI), led by mortgage industry veterans, provides a suite of eMortgage technology solutions to mortgage lenders (including but not limited to bankers, credit unions, community banks) and service providers as a platform for building more streamlined, cost effective and profitable loan origination services.
Orange County-based American Guardian Home Loans is a leading wholesale mortgage lender specializing in Alt-A and nonprime products.

Full browser ?