How to Find a Good Mortgage Correspondent Lender

In the world of mortgage lending, there are different types of lenders available including a mortgage correspondent lender.  A mortgage correspondent lender is a local, or regional banker or broker, that can authorize loan funding for a large mortgage lender. The partnership allows the lender to use the mortgage company to market to borrowers. It also allows the mortgage company to close loans by using the correspondent lender to fund them.

Benefits

As a borrower, you should not have any issue locating a correspondent lender. They are usually from a smaller mortgage firm or broker. Since correspondent lenders takes the risk funding loans under another company, they are careful about who they partner up with.

In addition, as borrower, you will benefit from this partnership. The greatest benefit is the rates and terms that the correspondent lender can offer the mortgage company. Usually, the mortgage company will have lower fees and costs. A correspondent lender has the ability to market to multiple lenders to get the best deal for you. They will review your file with various lenders and find the best rates and programs for you.

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