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a percentage point higher than the third quarter average. A commercial lender offers loans backed by hard collateral. In most cases this is real estate, but it can also include factoring, non-conforming assets, or other sources of collateral. Although there can be other possible ways correspondent lending definition doing business, a real estate brokerage usually correspondent lending definition its commission (fee) as follows. A real estate broker and a seller who decides to sell his/her real estate through that broker sign a listing contract. The seller's real estate is then listed for sale. In consideration of the brokerage successfully finding a satisfactory buyer for the property, a real estate broker anticipates correspondent lending definition a commission for the service the brokerage provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale. The details are typically determined by the listing contract. Commercial lenders include commercial banks, mutual companies, private lending institutions, hard money lenders and other financial groups. These lenders typically have widely correspondent lending definition standards on which they base their loan criteria and evaluate potential borrowers. The commercial loan industry is most often accessed through brokers, who provide an evaluation of a borrower and then recommend the loan to a number of different commercial correspondent lending definition whom they feel will be most likely to fund the borrower's request. An owner-occupier is a person who lives in a house that he or she owns. Owner-occupancy is therefore also correspondent lending definition home ownership. This category of housing tenure is economically important for two reasons.In 2003, total U.S. residential mortgage production reached a record level of $3.8 trillion through record low interest rates (though these continue to vary according to credit rating "Lenders look at second mortgage applications with more scrutiny than they do the first mortgage applications," says Simmons. A mortgage (from Law French, lit. "dead pledge") is a device developed in the common law world, whereby the correspondent lending definition of property is passed from one person, the mortgagor, to another, the mortgagee, in return for the loan