CorrAdvantage with Truist Bank
A Competitive Servicing-Release Execution
CorrAdvantage is a partnership between Freddie Mac and Truist Bank, one of the largest financial services holding companies in the United States. Launched in 2007, CorrAdvantage was created to provide a competitive alternative to correspondent outlets. Since that time, the program has sold more than $85 billion in volume and has grown to serve the needs of customers of all types and sizes.
Benefits
| Operational bifurcation | Seller is responsible for selling representations and warranties, and Truist Bank is responsible for the servicing representations & warranties. |
| Streamlined loan delivery | Electronic loan file images and the Freddie Mac Loan Selling Advisor® simplify loan delivery. |
| Tri-Party Relationship | Loans sold through CorrAdvantage count toward minimum required Freddie Mac production. |
| Minimal credit overlays | You'll have more certainty in what you are able to sell and a wide array of mortgage products as you can take advantage of Truist Bank's contract waivers. |
| Enhanced pricing | Better pricing for maintaining the selling reps and warranties on the loans you sell. Offering both mandatory and best efforts delivery options. |
| Streamlined pre-funding review | Eliminates credit stops, resulting in significantly improved funding times. |
| No explicit minimum dollar delivery volume to participate | Able to support all sizes of customers. |
| Comprehensive support | Work with a dedicated team at Truist Bank for your loan production. |
| Award-winning servicing platform |
Winner of multiple J.D. Power awards.
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Process
Getting Started
If you're interested in participating in CorrAdvantage, you must meet certain criteria. For information, contact your Freddie Mac or Truist Bank representative.