Commercial and Business Financing
"The company objective requires providing services that are timely, economical, cooperative and professional."
Phyllis Marcantonio, Chief Financial Officer
Action Funding, Inc.
61 Commercial Blvd.
Torrington, CT 06790
1-877-599-6906
Member of:
NAMB, CMBA, FSMB
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| > FAQs > What is a correspondent lender?
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 | What is a correspondent lender?
What it means to be a correspondent and how it benefits the client
As the finance industry continues to evolve and change, it is becoming increasingly more complicated and confusing for borrowers to find the best loan program that is available in the market today. Most loan brokers are nothing more than mere paper-pushers. The role of the "Correspondent Broker" is to meet with the client and fully understand what their individual financing need is, prepare the loan package for the lender and present that very package to the proper financing source.
BUT...
When a broker states they are a "correspondent," what does that really mean?
It means that the person (broker) you are dealing with is going to meet with you to fully understand what your financing needs are.
It means that the person (broker) you are dealing with is a knowledgeable professional that can underwrite the loan request in-house based on the credit requirements for several lenders, not just one. This one factor can shorten the loan approval time and allow for quicker closings.
It means that the person (broker) you are dealing with has developed a special relationship so that "exceptions to the rule" can be handled with one lender, due to that special relationship versus having to possibly take the loan request to a new lender and start the process over from scratch.
It means that the person (broker) you are dealing with has placed several millions of dollars of loans with a particular lender and there is a history between the broker and lender. The lender trusts the loan requests to be true and good.
It means that the person (broker) you are dealing with can ask for increased LTVs (loan-to-value) from the lender.
It means that the person (broker) you are dealing with can ask that particular lender to lend a higher loan amount to the borrower above their normal capped loan amounts.
It means that the person (broker) you are dealing with can request that the appraisal process be expedited to close the loan faster.
It means that the lenders have a tremendous amount of trust in this company, the persons that own it and the persons who work in the company, which is the biggest benefit to the client.
Where there is trust between lender and broker, there is a great deal for the client.
That's how being a correspondent benefits the client, and Action Funding is a correspondent broker for several lenders across the country. Contact us today to see how you can benefit.
Certain rules and restrictions apply.
Terms of program may change without notice.
Contact us today for more information.
Toll-free: 1-877-599-6906
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