Third-Party Origination

A process by which a lenderThe lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. uses another party to completely or partially originate process, underwrite, close, fund, or package a mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... loan. See also “Mortgage BrokerAn individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typically takes loan applications and may process loans. A mortgage broker also may close the loan..”