What's the difference between a supervised and nonsupervised lender (both mortgagee and loan correspondent)?

A supervised lender is a financial institution that is a member of the Federal Reserve System, or a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation (FDIC), or the National Credit Union Administration (NCUA). Examples of supervised mortgagees are banks, savings associations, and credit unions. FHA approval only applies to the legal entity that is the actual applicant and does not cover any subsidiaries or affiliates.

A nonsupervised lender is a company which does not qualify as supervised lender and whose principal activity is mortgage brokering or lending. Principal activity means more than half of the company's gross income is from their mortgage operations. Mortgage brokers apply for nonsupervised loan correspondent approval.

Correspondent lenders and mortgage lenders apply for nonsupervised mortgagee approval. More.

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