Posted By: CNBAudit
Small Creditor Exemption - 11/07/13 03:15 PM
We have a master loan purchase agreement with several correspondents. We take the application which is underwritten by the correspondents underwriters. We receive a written commitment to purchase at the loan approval and we distribute our funds at closing. We immediately transfer the loan to the correspondent after closing and receive final funding within a few days. Must we count these loans in our 500 or fewer small creditor calculation.