Non -Delegated Correspondent

Mini-Correspondent

FirstFunding provides the warehouse line to Non-Delegated Correspondent lenders to fund in their own name.

There is a growing trend among some mortgage brokers that has them considering a switch in their business model from traditional broker to a Non-Delegated Correspondent.

A Non-Delegated Correspondent is a lender that closes and funds their own loans, but these loans are underwritten and conditioned by the purchasing wholesale lender.

FirstFunding is dedicated to helping the mini-correspondent as they transition from broker to lender.

FirstFunding provides training and support to help get the Non-Delegated Correspondent operational and compliant.

As we all know, compliance is at the forefront of everything we do in the mortgage industry and FirstFundings relationship with Pierson/Patterson, LLP helps to mitigate much of the compliance risk by offering compliance support through their fulfillment services.

One of the advantages that comes with a switch to mini-correspondent is that it changes how the originator discloses to the borrower.

Lender-paid compensation has to be disclosed on line 1 of the Good Faith Estimate if you are a Broker, but is not required for the Correspondent.

 

 
 
 

FirstFunding Provides:

  • Access to warehouse financing
  • Secondary market investor management tools and services
  • Innovative service level options
  • State-of-the-art technology for transaction processing and reporting
  • Constant training and support
  • Professional risk management services

Program Highlights:

  • Warehouse Lines from $1 Million
  • State-of-the-art technology providing comprehensive online reporting, risk portfolio management
  • Hands-on funding system and process flow with in-house training and support
  • National Lender supporting both wet and dry fundings
  • Friendly and responsive operations team to support your business

Get More Information About Working With FirstFunding

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