2008-12-13 — freedomblogging.com
Loan brokers accounted for 18.9% of all mortgages funded in the third quarter, the lowest since at least the late 1990s, according to a survey by National Mortgage News.
The decline fits with news that several large banks and thrifts have stopped working with brokers, especially on alternative mortgages.
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BIGTXLENDER at 23:03 2008-12-14 said:
that is the only reason that I can see...I am still going to close as many loans as I did in 2007 and 2006..so I am still rockin' and rollin'.........goes to show that only the strong and good will survive, my phone rings every day with borrowers begging me to find them a loan,, begging...... Permalinkmortgagemess at 04:19 2008-12-15 said:
LOL..bigTx..but one of the things you don't do big in texas is loans. The average starter home can be bought for $50K in TX. Which doesn't mean big bucks for mortgage brokers...you may be the last stronghold for brokers..but you are making a living not making a killing. How much longer can that last when you are down to a few lenders who are willing to do business with you? Face it with 45% of motgages going retail and that number continuing to grow, lenders are becoming more and more comfortable knowing that they don't need brokers to do business. And with the continued bad press many borrowers today don't want to deal with you guys and you know it. Each day blogs are filled with the fear of how lenders that you are going to are stealing your clients by offering better deals. Lenders are getting ready for the big loan mods and refi's that will be coming their way and they no longer have to or want to share that with brokers. Especially when the new admin comes in. Expect the retail side to grow to 75% and brokers go to 10% or less of the business. It is the only to make sure we don't ever end back up in this financial mess again. PermalinkBIGTXLENDER at 22:05 2008-12-15 said:
MM you are completely WRONG!!!... 50k what a fool you are... you are not educated on housing in Texas,, my average loan this is exceeds $225k..... Just like we still ride horses in Texas??, ,and at least my state is not asking the Feds for a handout. PermalinkMortgageDrummer at 01:16 2008-12-16 said:
On the news of mortgage broker business at an all time low. . . well duh!! The big banks are only pushing us out. . . giving all that money to our organization NAMB!! Anyway, , how can we small brokers office compete?? My big question of the day. . and I know this site gets allot of advertising dollars from lead generators/FHA lic. companies but my question is Obama has hired Shaun Donovan. Mr. Donovan in my understanding has been a huge advocate to stop trigger leads in the State of New York. . and also has pushed for a bond instead of audited financials and a net worth. Does anyone have any more info on this. . . I would really like to know if I can survive this business or not. . . ??? please advise. . thx. :? Permalinkadd a comment | go to forum thread
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