any experience with a Correspondent lender?

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Hello all!!

I am a new investor in Orlando, FL

I have been looking around at lenders to see what i might be able to get preapproved for and after speaking to an agent i was referred to a lender whom after speaking to mentioned that they were a correspondent lender. So my question is has anyone had experience working with a correspondent lender? if so what were the pros and cons.

Thank you.

@Fritzner Paul every lender is different regardless of whether they are a correspondent lender or mortgage broker. Different companies and branches have various pricing tiers tied to their rates to obtain profit/basis points. With that being said, one thing that you generally find with correspondent lenders is autonomy in workflow, unless, the person that you're working with has a poorly organized team, or, lack of resources. Correspondent lenders generally have an in-house processor, underwriter, closer, etc, mortgage brokers generally do not, since they broker out to different banks. Less control.

A lot of people think that mortgage brokers can obtain the best rates all the time, that is generally true, but sometimes, is not, depending on the correspondent lender that you speak to. With that being said, I hope you work with a great lender to help assist you with your investment property needs. 

Feel free to ask me any questions, I am a licensed lender in the State of Florida. 

@Fritzner Paul points are always applied at the time of acquiring the loan, never subsequently. Yes, some correspondent lenders service retain their own loans and some release their servicing rights to other investors, but you do not incur a cost when the servicing rights are transferred/released. 

Maybe with hard money and extending the amortization period will you pay points after acquiring the loan, but not with qualified mortgages/traditional financing. What you see on the loan estimate/closing disclosure is what you pay for, no strings attached.