Norcom Launches a Mini-Correspondent Channel
Norcom Mortgage, an Avon, Conn.-based lender licensed in 17 states, is launching a mini-correspondent channel this month.
Patti White, VP of correspondent, will lead the new effort at Norcom, which has licenses in Alabama, Connecticut, Florida, Georgia, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont and Washington.
She said in a press release the move expands on pre-existing “full correspondent” lending options at the company, which is a Freddie Mac direct seller-servicer, a Ginnie Mae issuer, and retains servicing on all its correspondent loans.
According to the company, the new channel will provide brokers “with many of the benefits of a mortgage banker, such as nondisclosure of lender paid compensation, having control over their income, and more competitive pricing.”