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.
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.
on behalf of Transamerica Life Insurance Company, whom we also represent as a mortgage loan correspondent.
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.
Both loans were placed with The Guardian Life Insurance Company of America, who we represents as a mortgage loan correspondent.
The proposed rule would apply to both sponsor lenders, who underwrite loans, and loan correspondent lenders, who originate loans on behalf of their sponsors.
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.
As an exclusive mortgage loan correspondent for Woodmen, we are able to provide our customers with one of the market's most desirable methods to receive fixed-rate construction financing for commercial properties," says Goldman.