Examples of Loan correspondent in a sentence
Loan correspondent - means a person engaged in the business of making mortgage loans as a third party originator and who does not engage in all three of the following activities with respect to each mortgage loan: underwrite the mortgage loan by their employees, approve the mortgage loan, and fund the mortgage loan utilizing an unrestricted warehouse or credit line.
For the convenience of the user, the revised text is set forth as follows: 202.8 Loan correspondent lenders and mortgagees.
A Title II mortgageeshall have fidelity bond coverage and errors and omissions insuranceacceptable to the Secretary and in an amount required by the Secretary, oralternative insurance coverage approved by the Secretary, that assures thefaithful performance of theresponsibilities of the mortgagee.§ 202.8 Loan correspondent lenders and mortgagees.
Loan correspondent means a financial institution approved by the Secretary to originate Title I direct loans for sale or transfer to a sponsoring financial institution which holds a valid Title I contract of insurance and is not under suspension.
Less:Amounts included in Line 2:Servicing retained$ -Loan correspondent purchases retainedExempt $25,000,000- 25,000,000 Subtotal 25,000,000 4.
Loan correspondent means a financial institution approved by the Secretary to originate Title I direct loans for sale ortransfer to a sponsoring lending institution which holds a valid Title I contract of insurance and is not under suspension.