Third-Party Mortgage Originator

Mortgage originators will create a mortgage loan and then quickly sell it. They don't want to hold the loan for the 30 years it takes you to pay it off. They want to sign the papers, and quickly sell it to some other financial institution that will worry about collecting your monthly payments. They essentially flip the loan for a quick profit.

The third-party mortgage originators are a class within this type of business model. They might work for a specific bank. So they aren't originating on their own, and then selling to the bank. It's more like they handle the paperwork and some of the details, but the mortgage is always meant to move on to the specific bank in the end.