What are the differences between a mortgagee and a loan correspondent?

A mortgagee can originate, underwrite, fund, service and/or own FHA insured loans. In addition, mortgagees can obtain supplemental approval as a Direct Endorsement (DE) mortgagee and Lender Insurance (LI) mortgagee for FHA single family loans and a Mutifamily Accelerated Processing (MAP) mortgagee for FHA multifamily loans. Mortgagees are also known as Full-Eagles because they can do any lender function on a FHA loans.

States typically license nonsupervised mortgagees as mortgage lenders. Some States have a correspondent lender's license which allows a nonsupervised mortgagee to originate, underwrite and fund mortgages but not service or own them. FHA mortgagees who are banks are considered supervised mortgagees.

A loan correspondent can only originate loans that are underwritten by their sponsoring DE mortgagee. They can't underwrite, own or service FHA insured loans. This is the only type of approval a mortgage broker can apply for.

Loan correspondents are also known as Mini-Eagle ... more.

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