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Correspondent Lenders (MBS) - Austin, Texas Consulting Services
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Correspondent Lenders
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Note: The content below about broker to broker is under review and still being developed.


Correspondent Lenders

MBS's Correspondent Lenders Program is designed for mortgage originators who sell into the secondary market. In order to become one of our correspondent clients, you must go through our approval process. Approval is granted to mortgage lenders in good legal standing, with a minimum net worth and warehouse line, and a solid mortgage banking background. If you are interested in becoming one of our Correspondent Lenders Clients please contact us via the phone or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it under "Contact Us".

Your first instinct may be to go with your local banker, because you know them from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there's a third source of funding that combines the best of both-- on how to become a correspondent lender.

When you begin your search for a new home, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.

Mortgage brokers have an advantage in that regard. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting correspondent lenders loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks.

In order to understand the differences, let's look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There's only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business.

Correspondent lenders can sometimes be difficult to find, since they're generally smaller institutions, operating on a regional basis, and it can be hard to tell whether a lender is a broker or a banker, based solely on the company's name.

The third alternative, correspondent lenders, combines the best features from both groups. Correspondent lenders are similar to mortgage bankers in that they make the lending decision and fund the loan with their own money or credit line. However, as soon as a loan has closed, it's sold to another lender at a previously negotiated price. It's the best of both worlds for you as a borrower. You'll be dealing with the banker who is funding your loan, yet that banker is able to shop your mortgage around, which can obtain you a lower interest rate.

Although they may not always be easy to locate, with a little digging, you may find that a correspondent lender offers an attractive alternative to a banker or mortgage broker when it comes to shopping for your next home loan.

One way to find out is by visiting the lender's website, if they have one. You'll normally find a button you can click that will bring up a page containing a detailed description of the company. If the correspondent lender doesn't have a website, you may find their phone number in the Yellow Pages.

 

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