There are many ways to go about securing a mortgage these days. Some ways apply to certain people more so than other ways based on their financial criteria and needed mortgage needs. We all experienced the unfortunate results of messy mortgage loans that many large well known banking institutions were a part of when the 2008 recession hit. Fortunately, with the help of the government and hard work by federal financial and loan committees to set guidelines and regulations within the industry, the economy has increasingly improved over the last couple years. There are still many different avenues a person or company can take when pursuing a mortgage and thus the types of professional lenders involved also varies. When is comes to residential mortgage lending, many families turn to reputable and often recommended mortgage lending experts. These professionals, like Dave Kevelighan, with Paramount Residential Mortgage Group, specialize in lending operations in Centennial, Colorado.
Dave Kevelighan is an experienced mortgage lender specializing in wholesale and correspondent lending. There are many programs and types of lending processes he is experienced with, including correspondent lending. This form of lending on the residential level is an option that many families select when attempting to secure a residential mortgage. A correspondent lender is a type of lending entity that can fund a loan for a client. In this instance a client, or prospective borrower, completes a mortgage application with the correspondent lending company or with a specific correspondent lender like Dave Kevelighan. This lender then approves the appropriate loan and is also responsible to the loan transaction to the client. Once the client solidifies the purchase agreement of a home, the correspondent lender will consider the loan closed and then sell it to a bank or mortgage investor.
Professional correspondent lenders usually have relationships with several different banking institutions and complete lending activities based on their guidelines. A family choosing to work with a correspondent lender usually find the process to be easier with a bit more flexibility than going the route of the traditional mortgage banker. This flexibility comes with the correspondent lenders relationship with several different banks who typically offer a variety of programs that benefit various borrower situations. Additionally, the flexibility of using a correspondent lender can be seen in the fact that they are the ones who are are actually approving the loans. This process may seem a little strange, but it actually reflects positively on the correspondent lender, especially if they have many relationships within the financial banking industry. The more relationships a lender carries is strong example of their ability to write and approve appropriate loans. A correspondent lender who writes bad loans won’t last long because no investor will want to work with them based on previous losses.
While there are many different ways to go about securing a loan in today’s market, it is important to understand which process directly relates to the borrowing individual or entity, but it also helpful to understand the process of alternative means of securing a mortgage, like through that of the correspondent lending process.