Miami Beach, Fla.-headquartered Expert Group Inc. has been approved by the Florida Department of Financial Regulations as a correspondent lender and now has the capacity to authorize loans on behalf of a mortgage lender.
A correspondent lender combines the best advantages offered by both bankers and brokers, according to Expert Group. After making the lending decision and funding the loan with its own money or credit line, the correspondent lender sells the loan to another lender, offering the lowest rates and best terms, at a predetermined price.
‘Becoming a correspondent lender will open many doors for our business, as we will be able to fund our own loans, service loans on behalf of other lenders for a fee and subsequently increase the number of loan originators, as they do not have to be licensed individually under this license,’ states Robert Rico, CEO of Expert Group.
Source: Expert Group Inc.