Retail Mortgage Lending
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The Mortgage Banking, or Mortgage Lending, Group is responsible for originating and servicing mortgage loans for retail (i.e., individuals or families) clients.
Under retail and correspondent lending, the mortgage loan originator (mlo) is employed by the lender. Under wholesale lending, the Mortgage Loan.
Wholesale loans are typically extended at a lower interest rate than would be the case if the lender dealt directly with the borrowers, which is known as "retail lending." However, once the broker’s fee is added on to the wholesale loan, the cost to the borrower is roughly the same as a retail loan.
The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Many mortgage banks have both wholesale and retail divisions, such as Quicken via its Quicken loans mortgage services (qlms). But wholesale lenders can be independent entities as well.
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"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.
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The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Examples include United Wholesale Mortgage, LoanDepot LLC, and Plaza home mortgage. retail mortgage lenders. retail lenders are exactly what they sound like, lenders who issue mortgages directly to individual consumers.