In one sentence
A closing where a loan is originated in one lender's name but funded at the closing table by another, who takes the loan by simultaneous assignment.
The longer version
Common in correspondent lending: the correspondent closes in its name with the investor's money and assigns the loan at closing. The borrower experience is one lender; the paper trail shows two.
The mechanics demand tight document coordination, because assignment documents, allonges, and funding conditions all execute in the same sitting as the closing itself.
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