Originator Resources

Correspondent lending is the answer.

Non-delegated Correspondent Lending vs. Brokering Loans

Here is a comparison of the two channels:

 

Correspondent

Broker

Disclosures

Generate your own LE and manage Change of Circumstances

Wholesale lender generates LE and manages Change of Circumstances

Compensation

Compensation managed by correspondent

Compensation plans are fixed for each investor

Appraisal Management

You manage relationship with AMC and order appraisals. Appraisal is in your name and is portable

Order appraisals through wholesale lender’s AMC. Appraisal is in lender’s name and is not portable

Underwriting

Underwriting by the investor or delegated with approval

Underwriting by wholesale lender

Closing Process

You may choose which approved fulfillment company to use, or continue to use docs from lender

Closing is ordered and managed by wholesale lender

The benefits are clear.

When you transition from broker to correspondent, you will realize many benefits.

You will gain more control of the loan process and your business in general. This added control and flexibility allows you to:

  • Be more profitable
  • Eliminate unnecessary delays
  • Recruit and retain loan officers
  • Gain more credibility with realtors, builders, and borrowers

What are the steps to becoming a correspondent lender?

  1. Contact your state or local licensing authority for lender licensing requirements.
  2. Apply for your Goldome warehouse line.
  3. Verify your eligibility with your investors.
  4. Decide fulfillment strategy and set up with fulfillment company if outsourcing.
  5. Apply to become a MERS lite Member.
  6. Apply to become a UCDP Member with FMNA and FHLMC.
  7. Contact a Mortgagees E&O and Fidelity Bond insurance company.

Please contact us for suggestions for insurance providers.

Wire Calculation Worksheet Reconciliation Worksheet

You can count on our team.

The sales team at Goldome has over 30 years of experience converting brokers to correspondents. We can help you learn to do the same and take your time back. We are happy to make joint calls with you, conference calls, or personal training. We are here to help you grow your career and enjoy this business.

Get started today.

Please contact us to get started.

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