Warehouse mortgage lenders who make loans to mortgage originators secured by the underlying notes and mortgages customarily take possession of the notes, endorsed by the mortgage originator in blank. Possession of the negotiated, endorsed promissory note not only permits the warehouse mortgage lender to perfect its security interest in the note.
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If you've never heard the phrase warehouse mortgage lending, don't worry. We're going to try to simply explain its definition for you.
Warehouse mortgage lenders who make loans to mortgage originators secured by the underlying notes and mortgages customarily take.
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