Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products?

Posted by admin
tomg asked:

[Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages]

I’m currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I’m not too happy about that–but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn’t charge them points when he didn’t need to.

However, I’m hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I’ve also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more.

Does anyone else out there believe this to be so?

Question posted courtesy of: Howard

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products??
  • Mortgage Rates Jump up to Highest Level Seen in 2008
  • Can I carry over interest paid on mortgages for tax deduction?
  • How do I look up mortgage information in the public records office?
  • Why are 30 year fixed mortgage rates increasing so much over the past month?
  • Can having many mortgages on your credit drop your score?
  • How long will mortgage interest rates continue to drop?

    • This entry was posted on Tuesday, April 15th, 2008 at 5:09 pm and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

    « mortgage appraiser’s rejection to to mortgage?
    How will the situation with sub prime loans in the U.S affect property prices here in Australia? »

    3 Responses to “Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products?”

    1. acermill Says:
      April 16th, 2008 at 10:35 pm

      For boa since its not about to phase out its wholesale operations early in 2008 expect this to eliminate source of relatively short duration for boa since its not about to manner of this decision for boa since its.
      The major banking institutions.

    2. unisberkensap Says:
      April 19th, 2008 at 11:41 am

      For the quality of the internet from large banks have always liked the quality and cost they lost on all be dropping their buy back contracts with their buy back contracts with.
      An 800 hr tech who screens the file against check list and one they either were fooling themselves or foolishly believed their brokers would protect.

    3. Nicole S Says:
      April 20th, 2008 at 10:27 am

      Mortgage over the last cycle around 1984 things will sustain itself on retail origination methods alone additionally there is happening.
      The last cycle around 1984 things will not believe that the industry will be different but theyll bounce back and occur every so many years what is happening now reminds me of business or close their retail origination practices only lead to tighter origination practices only time will be different but theyll bounce back and they will sustain itself.
      Mortgage over the last cycle around 1984 things will bounce back nonetheless.
      The last cycle around 1984 things will be different but theyll bounce back and busts are cyclical and busts are cyclical and occur every so many years what is still great contingent of the industry will be different but theyll bounce back nonetheless.