Correspondents
Correspondent is usually a term that refers to a company which originates and closes home loans in their own name, then instead of selling those loans in pools, they sell them individually to a larger lender, called a sponsor. The sponsor acts as the mortgage banker, re-selling the loan to Ginnie Mae, Fannie Mae, or Freddie Mac as part of a pool.
Mortgage brokers deal with lending institutions that have a wholesale loan department.
It is almost like being a mortgage broker, except that there is usually a very strong relationship between the correspondent and their sponsor.
