We have recently began underwriting loans sold on the secondary market, specifically to Wells Fargo Funding, a Division Of Wells Fargo Bank; Franklin American Mortgage Company, a Division of Citizens Bank; and First Community Mortgage.
This has led to a bit of confusion on my part for Purchaser Type and this is one of those data points that I have difficulty in finding information on. From what I understand, these loans should be coded as Mortgage Company – 71 even though they are a “Division†of a Bank.
I am still new to this position, so any insight on the differences in Types of Purchaser codes would be beneficial.