GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Third-party Originator


Synonyms:RateSuperMarket.com, lead generator, middleman, unlicensed mortgage company
Filed Under: financial-banking
Tags: banking
 

Definition of third-party originator

third-party originator
1. An individual or company that begins a loan application, but transfers or sells it to a lender.

Related Terms and Acronyms:

  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • lender   The bank or mortgage company offering the loan.
  • loan   Letting another party use something of value temporarily.
  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • loan processing   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)   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   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Mortgage Broker (MB)   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.

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