Correspondent Lenders

[Andrew Syrios]

Has anyone ever heard of, or worked with a correspondent lender. We're looking at a company to refinance a group of houses and small multi's we have and they have given us the best quote so far, but of course there are fees associated with it. They describe a correspondent lender as "Correspondent lenders are almost like a hybrid between lenders and brokers. They can fund your mortgage themselves, or they can get your mortgage funded by a traditional lender. However, even when they send your mortgage out of house for funding, they can complete the underwriting process in-house, giving them more control and quicker turnaround than a broker." Anyone have any experience with these sort of lenders? Thanks