Definition of Correspondent lender:
Correspondent Lender/Mortgage Banker in Orange County, California:
A correspondent lender a mortgage banker in Orange County, California and is a company that funds loans off of their warehouse line of credit and are considered a direct lender. Correspondent lenders technically lend their own money and are able to sell their funded loans to banks – not unlike a mortgage broker, although a correspondent lender (or mortgage banker) is taking on huge amount of risk, while a mortgage broker is taking on relatively no risk. A Correspondent Lender is required to maintain minimum net worth requirement as verified through audited financial statements. All mortgage bankers (correspondent lenders) employ their own in-house support staff; underwriters, processors, secondary marketing, loan shipping etc. BanCorp is able to provide financing to its clients through its sister company; Irvine Bancorp.