Mini Correspondent Lenders
Mini correspondent lending is form of mortgage banking where the secondary market investor underwrites the mortgage loan application and makes a credit decision, but the actual funding of the loan occurs with funds of the originating mortgage banking company. After funding, the loan is then sold to the secondary market investor who made made the credit decision and approved the mortgage loan. These are loans are less risky for a mortgage banking company, but remove the ability of the mortgage company to make its own credit decisions and offer a slightly higher mortgage rate than a loan done through a full correspondent lender.Learn more about retail branch opportunities »
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