Correspondent

Correspondent

An entity that typically sells the Mortgages it originates to other lenders. The Correspondent performs some or all of the loan processing functions such as taking the Mortgage application; ordering credit reports, appraisals, and title reports; and verifying the Borrower's income and employment. The Correspondent may or may not have delegated underwriting and typically funds the loans at settlement. The Mortgage is closed in the Correspondent's name and the Correspondent may or may not service the Mortgage. The Correspondent may use a Mortgage Broker to perform some of the processing functions or even to fund the Mortgage on its behalf; however, under such circumstances, such a Mortgage will be considered, and should be delivered as, a Mortgage Broker third party origination Mortgage and not as a Correspondent third party origination Mortgage. (See the definition of Affiliate and Mortgage Broker.)