Mortgage correspondent

Mortgage correspondent,

Definition of Mortgage correspondent:

  1. A person who services a loan for someone else for a fee. This is different than a mortgage banker, because the banker originates the mortgage loan as well as sells them and services them. The correspondent is also different from a mortgage broker, who does not originate or service mortgage loans but places them with various lenders, deriving his/her income from the fee asked for this service.

Meaning of Mortgage correspondent & Mortgage correspondent Definition