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BROKER AGREEMENT ADDENDUM MINICORRESPONDENTLiberty Savings Bank, FSB (Lender), and, its successors and assigns, (Seller), for valuable consideration hereby amend the parties Broker Agreement as set
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Who needs mini-correspondent?

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Mini-correspondent is suitable for individuals or businesses looking to engage in mortgage lending activities but do not want to establish a full-scale mortgage lending operation.
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Mortgage brokers, small lenders, credit unions, and community banks often utilize mini-correspondent arrangements to expand their lending capabilities without taking on the administrative burdens of being a full mortgage lender.
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By becoming a mini-correspondent, these entities can originate mortgage loans and sell them to a larger lending institution, who will then underwrite and fund the loans.
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Mini-correspondent is a type of mortgage lender that originates and funds loans in its own name, then sells the loans to larger correspondent lenders.
Mini-correspondents are required to file if they meet certain criteria set by regulatory authorities.
Mini-correspondents can fill out the necessary forms and submit them to the appropriate regulatory bodies.
The purpose of mini-correspondents is to provide an alternative source of mortgage funding for borrowers.
Mini-correspondents must report information related to their loan originations and sales.
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