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What is a Correspondent Lender

A correspondent lender is almost like a hybrid between a traditional lender and a mortgage broker. Correspondent lenders can lend their own money, but can also shop your mortgage around to other lenders, like a broker. Whether the correspondent lender funds the mortgage directly or shops it out to another lender, they will usually handle loan approval with their own in-house underwriter. This gives them more control and a faster turnaround than a broker. Correspondent lenders make money by charging fees.