Correspondent mortgage lender definition

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Definition: Correspondent mortgage lender

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Correspondent mortgage lender means a residential mortgage

Correspondent mortgage lender means a residential mortgage lender who: (1) in the regular course of business, does not hold any mortgage loans in its portfolio, or service mortgage loans, for more than 90 days; and (2) has shown to the department's satisfaction an ability to fund mortgage loans through warehouse agreements, table funding agreements or otherwise.

Correspondent mortgage lender means a third party originator of Correspondent Mortgage Loans.

The origination practices used by the Correspondent Mortgage Lender with respect to Correspondent Mortgage Loans, the origination practices used by Seller with respect to Mortgage Loans which are not Correspondent Mortgage Loans and the collection practices used by Seller, in each case, with respect to each Mortgage Note and Mortgage have been in all respects legal, proper, prudent and customary in the mortgage origination and servicing industry.
The source of the down payment with respect to each Mortgage Loan has been fully verified by Seller or Correspondent Mortgage Lender, as applicable.
Seller or the Correspondent Mortgage Lender, as applicable, its successors and assigns, in each case, are the sole insureds of such buyer’s title insurance policy, and such buyer’s title insurance policy is valid and remains in full force and effect and will be in force and effect upon the consummation of the Transactions contemplated by this Agreement.