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Volume 2017 - Number 39

October 12, 2017

Stearns Lending Reveals it Has a Mortgage Joint Venture with SoFi

Social Finance, the high-flying marketplace lender, has an active mortgage-lending joint venture with Stearns Lending, according to David Schneider, CEO of Stearns. In a recent interview with Inside Mortgage Finance, Schneider said his company “covers a lot of [SoFi’s] business” and buys any loan the joint venture produces. “They do some, and we do some,” Schneider said. He added that Stearns doesn’t service any loans for SoFi. At the recent ABS East conference in Miami, Ashish Jain ...

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Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.


The wholesale/table funder. They’re taking the financial risk.


The broker, but only for the first year. After that, the borrower is fair game.


Hard to answer. It’s a complicated issue.