Correspondent Lending

First off, what is Correspondent Lending?  We process, underwrite, close, and then lend our own money.  But then after we lend with our own funds, within a month or two, we will usually transfer the servicing of our loans to another company.  These transfers are usually in bulk deals. 

Correspondent Lending is better than working with a bank for these reasons:

• We do not place overlays on guidelines.  An overlay is an extra risk qualifier that borrowers need to pass in order to get approved.  An example of an overlay is a bank requiring a maximum 43% debt ratio.  The way we deal with overlays is we just won't sell loans with 50% debt ratios to that company.  So if we are processing a loan and planning to sell it to a particular bank, and we realize it won't meet their guidelines, we just switch banks with a click of a button.  It's that easy.
• We have more products.  Especially with our jumbo loans, we have several different programs for different types of qualifying borrowers based on their down payment, credit score, and desired loan program.
• We don't have a bureacracy.  Yes we are a relatively large company with ~150 loan officers, but I know our C-suite management team very well and can call them with questions/concerns.  They care and they understand the value of the loan officer/realtor relationship.  My manager (Tim Whittier 240-479-7652) is a problem-solver and can step in when needed.
• Quick turnaround times with approved appraisers.  We comply with HVCC requirements without sacrificing loan approval turnaround times.

Processing

This job is impossible if you, as a loan officer, are trying to call your processer in another state to check on the status of the file.  That's why I work for First Home.  I walk down the hall and talk to my friends and see how their work is going.  I always know the status of the file and sit down with my processer on every file to make sure we are on the same page.  All our processers are highly experienced and frankly do a wonderful job on every file they touch.

Processers (301) 656-4388

Andrea Nash

Darline Dean

Working with Alex Jaffe

I carry a cell phone in my left pocket and a financial calculator in my right.  I'm taking loan applications in the evening and meeting with borrowers on the weekend.  When an agent calls, I answer the phone.  I make sure that whenever I speak with a borrower, I look at every option that is available to see whether they qualify.  And if they qualify, I will provide a pre-approval letter for the program that best fits their needs and I will make sure they go to settlement satisfied.  If they unfortunately do not qualify, I will determine this upfront and let them know and provide advice for preparing for the future. 

I believe in being a guidelines expert and doing my due diligence upfront to make sure there are no surprises.