Dear Friend, Hello and welcome...
Kindly be online as I prepare your reply...
There is a key difference between the two.
A loan correspondent is a person who negotiates loans for conventional lending institutions or other lenders. Correspondents often service the loan for the lender and act as the collecting agents.
Where as, on the other hand, mortgage lender is the lender itself, who takes services of such correspondents.
He is the actual person providing funds for the mortgage.
Hello, are you there ?
I hope this helps...Rate this answer POSITIVELY IF you are done with this and if this helps and satisfies you as this is the only way we get compensated for assisting you. You may use "CONTINUE CONVERSATION" to revert with additional queries if you have or if I have missed out on any aspect of your question.Warm Regards,
An additional question, how would you interpret the term wholesale table funder in the below section of PA dept of banking law. Would you consider a warehouse line of credit a wholesale table funder if it's just for a short period of time prior to the end investor purchasing the loan?
"Mortgage loan correspondent." A person who engages in the mortgage loan business by directly or indirectly originating and closing mortgage loans in his or her own name utilizing funds provided by a wholesale table funder or other funding sources under the circumstances described under section 6123(6)(relating to mortgage loan business prohibitions) and simultaneously assigning the mortgage loans to the wholesale table funder.
§ 6123. Mortgage loan business prohibitions.
(6) In the case of a mortgage loan correspondent, service mortgage loans or close mortgage loans utilizing funding other than a wholesale table funder, except in an emergency circumstance where wholesale table funding is not available