What does Correspondent mortgage mean?
“Correspondent lending” is the origination and sale of mortgages on the “mortgage secondary market,” where mortgage originators and mortgage investors get together to do business. A “correspondent lender” is a special type of mortgage lender that originates and funds loans in its own name.
What bank owns Newrez?
Founded in 1984 as a subsidiary of a community bank, Shelter joined the Newrez family of companies in 2014. The company has loan officers across the country with joint venture and partner relationships in over 30 states.
What is the difference between correspondent and wholesale lending?
Wholesale lenders (banks or other financial institutions) don't work directly with consumers, but originate, fund, and sometimes service loans. Correspondent lenders are the initial lender making the loan and might even service the loan.