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What is a different between in-house underwriters and out-sourced underwriters?

Mortgage brokers are brokers who have no control on the underwriting process and get paid a commission by a wholesale lender for originating the mortgage loan. Mortgage bankers and correspondent lenders use their own funds to fund the loans they originate. However, correspondent lenders will use an investor to sell their loans to and the investor will resell the loan to Fannie Mae and/or Freddie Mac. Correspondent lenders and mini-correspondent lenders use the underwriter of the investor and need a clear to close from the investor's underwriter. If you are FULL EAGLE LENDER, you can have your own in house underwriter. Full Eagle Lenders are direct sellers of loans to Fannie Mae and Freddie Mac.

Are we a full eagle lender? Neighborhood loans
We are correspondent lenders. We are going to be Full Eagle Lenders probably in January or early next year. As full eagle lenders, we can have our own inside underwriters.


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