The word Correspondent was originally came from an Old French word “correspondant” or medievel Latin “correspondent”. According to Oxford Dictionary, correspondent can be described as a person who writes a letter or any regular basis or a person that has to report for a newspaper or boarding organization. In the mortgage term, there is also such a term called correspondent. If you are talking about Nationstar, then, the correspondence of it is called Nationstar Correspondent.
Nationstar Correspondent is described as a person that services a loan of Nationstar Mortgage for someone else. A correspondent works for Nationstar Mortgage and of course they get a fee for their work. Nationstar Correspondent is different compared to the banker of the mortgage. the banker of the mortgage originates the loan of the mortgage as well as sells them and offers the services. It is also different from the broker of the mortgage. a broker of the mortgage does not serve the service but places them with some lenders, gaining the income from the fee that asked for the services.
Nationstar Correspondent is a special lender of the mortgage. it originates and funds the loans in its own name. Every correspondant has her/his own staff of underwriting and funds the loans with hr/his own company. When the Nationstar Correspondent underwrites the loan, they will follow the guidelines of the Nationstar Mortgage.
If you are interested on Nationstar Correspondent, please visit its website at www.nationstarcorrespondent.com to know more. In the website, you will get the menus such as Why Nationstar Correspondent, Product Information, Approval Process, and so on. All the menus consist the information that can help you getting know about Nationstar Correspondent.
So, why Nationstar Correspondent? First, it dedicates to the servicing needs of you all and your borrowers and not cross-selling bank products. The second one is, it dedicates the Regional Account Executives that has average more than 15 years of experience in the markets. The next one is, it s leading technology to transact business such as direct trades, assignment of trade, and flow. The last one is, this is a non-bank company that focuses on the customer service, risk management, responsible lending and the quality business relationship.
There are some requirements to be a Nationstar Correspondent. You must be duly organized, valid entity and in good standing under the laws of the jurisdiction of the organization, you must possess and maintain all required licenses necessary to conduct business in each jurisdiction in which loans are originated, you must be in compliance with all applicable Federal, State and local regulations and laws, the company must have been actively engaged in residential mortgage lending as a Correspondent Lender for a minimum of five (5) years preceding submission of Application to become an approved Seller with Nationstar, and many more.
You can see other requirements on the website above and download it to understand more.
If you are approved by Nationstar Mortgage and want to get in touch with the Operational Team, please call at 1-855-683-3100.