NMLS study guide 2 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026.

NMLS study guide 2 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Portfolio Lender Retail lender (ex. a bank, savings bank, credit union, or mortgage lender) that interacts directly with the borrower and actually makes the loan. If it holds, rather than sells, it's loans, it is called a portfolio lender. Correspondent Lender Generally a smaller lender that takes apps and underwrites and funds loans either with its own money or from a line of credit with a larger lender and, immediately upon closing, sells the loans to wholesale lenders under previously agreed-upon terms. Wholesale Lender Goes through a mortgage broker. This is a mortgage investor that prices and funds loans applied for through mortgage brokers. After a mortgage broker process and app, the wholesale lender has it underwritten and funded. After the loan is made, the wholesale lender will either service it or sell or assign servicing to another entity.