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  • Correspondent Fha Qc Check List - Afrwholesalecom

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Correspondent FHA QC Check List *All items should be printed and placed in the file SECTION Insurance HAZARD INSURANCE FLOOD CERT Collateral/Document FEMA CHECK INTERTHINX PATRIOT SEARCH/SAFECHECK.

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Correspondent lenders have access to more loan programs than depository institutions, they can control their own funding, and they have the opportunity to build strong relationships with borrowers and real estate professionals all over the country.

Wholesale lenders (banks or other financial institutions) don't work directly with consumers, but originate, fund, and sometimes service loans. Correspondent lenders are the initial lender making the loan and might even service the loan.

Correspondent lending happens when a lender originates and funds a mortgage, but then sells it typically to Fannie Mae or Freddie Mac or a government entity like the FHA or VA. These agencies then will package the mortgages and sell to investors as mortgage-back securities.

This is typically how mortgage brokers work — they do not have cash to fund their own loans, so they essentially act as retail outlets for direct lenders and others with cash. A correspondent lender originates and funds the loan, using a type of credit called a “warehouse line” to provide the money.

Ability to fund own loans utilizing warehouse lines. Minimum $1 million net worth required for best efforts delivery and retail production. Minimum $2 million net worth required for mandatory delivery.

A correspondent lender is a unique type of lender that originates, underwrites, and funds a mortgage loan using their name. The correspondent lender will then sell the loan to a larger mortgage lender, who becomes the loan servicer.

A lender correspondent performs the loan processing functions (such as taking loan applications; ordering credit reports, appraisals, and title reports; and verifying a borrower's income and employment) without the assistance of a broker.

Correspondent Delegated w/ TPO: a broker approved by the Correspondent Delegated lender originates the transaction; the Correspondent Delegated lender' underwrites, closes, and funds the transaction with the Correspondent Delegated lender's warehouse provider, in the Correspondent Delegated lender's name.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232