Correspondent Lender

Correspondent Lender

A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent.

Mortgage brokers sometimes evolve into correspondent lenders when they accumulate enough capital to acquire the credit lines needed to close loans in their own names. But correspondents continue to depend on commitments from other lenders to protect them against the risk that market prices will decline while they are holding loans. See Mortgage Lender/Retail, Wholesale, and Correspondent Lenders.

References in periodicals archive ?
By utilizing the power of a collaboration gateway, which is specifically designed to better facilitate the needs of both the correspondent lender and the purchasing institution, sellers can obtain current prices, make a lock request, and take advantage of a systematic and instantaneous transmission of their loan packages.
Nunnery added that the kind of due-diligence capability that is needed for a correspondent lender is a means to check for things such as whether the originator holds a current license in the state where the loan was originated.
Financing was based on a 7-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a Correspondent Lender.
According to Kladde, correspondent lender MIE Financial is an example of adaptation to the new realities of mortgage lending.
Allstate Insurance Company, a correspondent lender for L.
Melody correspondent lender in New England, refinanced its existing loan balance and advanced additional proceeds to the borrower, FRG Associates, LLC, at an attractive blended interest rate.
3% fixed-rate loan to be serviced through Allstate Life Insurance Company, a correspondent lender.
to secure the 10-year, six-month forward, fixed-rate loan through Protective Life Insurance Company, a correspondent lender.
Our correspondent lender, Allstate Life Insurance Company, recognizing Hartz's investment and the new lease value in the building, funded the loan prior to AIU's occupancy based on the time when the rent would commence.
The organization is the third largest producer and servicer and the second largest correspondent lender of reverse mortgages in the nation, selling under the brand names Seattle Mortgage and Reverse Mortgage of America.
The organization is the third largest producer and servicer and the second largest correspondent lender of reverse mortgages in the industry, selling under the brand names Seattle Mortgage and Reverse Mortgage of America.
Freedom Mortgage launched the co-issue program in February of this year to support the continued growth of its correspondent lenders.