On December 30, I paid mortgages on line to try and get a little break by paying “more interest” in 2009. While doing this I made “side by side” comparisons of the mortgage companies or their servicer. The mortgage companies used in this comparison were Wells Fargo, First Horizon, Saxon, and Everhome. I used statements, company websites, and transaction fees to rate my mortgage companies.
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Correspondent lenders are small lenders who do have the right to extend loans on their own risk and have the necessary funds to do so. After a loan is closed a correspondent lender will rarely keep it in their portfolio, selling it to a larger wholesale lender.
Category: Definitions
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