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!

 

 

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1 Comments on Correspondent Lender Licenses no longer exist…

JUN
25
2011

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
1:42pm • #1


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Phil Stevenson Reverse Mortgage Expert in Miami and Florida

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