Reduced overall loan volume is affecting mortgage brokers more than retail loan officers, according to one veteran industry researcher. Broker market share has plummeted by more than half, now claiming just 30% of residential loan originations, estimates David Olson, president of Access Mortgage Research & Consulting Inc, Columbia, MD. As a result, the universe of brokers has shrunk to between 25,000 and 30,000, Olson says. Many of those, he notes, are not doing much business. In the past, brokers could turn to a new product to help them expand the marketplace and increase their volume. Now their role in the marketplace is undefined as lenders go back to traditional underwriting standards.
A Rocky Path Ahead Howard Schneider Mortgage Banking; Apr 2009; 69, 7; Docstoc pg. 93 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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