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.