Third-party Originator
Definition
- An individual or company that begins a loan application, but transfers or sells it to a lender.
Synonyms
lead generator, middleman, unlicensed mortgage company, RateSuperMarket.com
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Lender — Definition,
- The bank or mortgage company offering the loan.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Loan Origination — Definition,
- The process of applying for a loan and the handling of that application by a lender.
- Loan Processing — Definition,
- The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
