Correspondent Lender Licenses no longer exist…

By
Mortgage and Lending with PS Financial Services 786-586-3336 or 888-845-6630

Do you know what a Third Party Originator is?  The new name for Correspondent Lenders…

The “Mortgage Broker Business” and “Correspondent Lender” Licenses are now EXTINCT!  Some will get upset at what I just said, but it’s the truth.  In FHA’s eyes if you are not a LENDER then you are a Third Party Originator or TPO. 

 

TPOs have no control of the process because the lender now has full liability for the actions of the TPO.  I am not saying that the Mortgage Broker Business is completely gone, but this is only for FHA.  But what else is out there today?  Conventional loans are now using “risk based pricing” which means much much higher rates than that of FHA, even if you count the Mortgage Insurance Premium.

 

So as we see a shift to FHA being the main player in the industry, where does that leave TPOs?  I leave that for you to decide.  This year will tell us a lot in our industry!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Florida
Tags:
phil stevenson reverse mortgage broker miami
reverse mortgage specialist
fha mortgage expert
miami mortgage expert
baby boomers reverse mortgage lender

Comments 1 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Anonymous #1
Anonymous
Anonymous

I certainly enjoyed reading your blog post here . have a fun weekend 4th is not far ;) dallas homes for rent by owner dallas houses for rent by owner lynn911.com

June 25, 2011 01:42 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
235,738

Phil Stevenson, CRMP

Reverse Mortgage Expert in Miami and Florida
Ask Me About the NEW Reverse Mortgage Program!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: