First Funding Blog

What is the difference between being a Non-Delegated Correspondent and being a Correspondent?

Generally, mortgage industry participants differentiate Correspondent and Non-Delegated Correspondent based on factors such as; what entity compiled the original loan file vs. what entity performs or is responsible for the credit underwriting on a file, the named payee on the originally closed loan documents, nature of originator’s capacity or participation in the closing and funding of the original loan.