what is a table funder in mortgage lending?

Answer 1

There are two major parts of the mortgage business: orgination (making the loan) and servicing (collecting payments on the loan). Many companies are in the business of doing both, but some only want to do one or the other. Businesses that only want to do the origination part sometimes will make the loan and then shortly thereafter sell the loan to another company to do the servicing.

Some companies cut the time for this process even shorter, and actually hand over the servicing of the loan over to another company at the time of closing. When this happens, the orginator "table funds" the loan, collects their points for the closing, and then is done with ever having to deal with the loan again because another company is assigned the servicing.

Answer 2

First, all mortgages are sold and packaged into bigger bundles and then resold.

Generally there is retail (brokers and lenders), wholesale(lenders) and the secondary market.

When you close with a broker, the wholesale lender, funds the loan as the loan is in the wholesale companies name.

When you close with a lender (retail), they may fund the loan with what is called a warehouse line of credit and then several day or weeks later sell the loan; or they may sell the loan to the wholesaler at the table. If the loan is sold at the table, the wholesaler funds the loan with what is know as table funding.

Answer 3

They are someone who funds the deal at closing. Often times they will sell of the loan to someone else, but the money you get when the loan funds is from their pocket.