Brokers.going.going.gone!

[aussie ken]

Two local major credit unions have banned all broker generated business.........they claimed the deals being supplied were "Garbage"........and a waste of time............Three of the large local banks have slashed broker fees..........brokers are screaming!!!!!!.........Has the tide turned?..........Whats been happening in the US?

 

[Terrel L. Shields]

I wish but in fact we are not seeing enough activity to say in my balliwick. I am seeing very little activity among the local mortgage brokers. The regular banks appear to be where the action is.

 

[Don Clark]

Not as many as before but alive and well around here.

 

[Ray Miller]

Banks and Lawyers, I havent seen an MB order in 8 weeks.

 

[bart nathan]

I used to get 2-4 comp requests from out of town brokers a day. Now I think I get maybe o1 a MONTH. (Its so much better to answer the phone and know its a real request and not some value hunter)

 

[JTFAPP]

Brokers around here are hangin on. Way less action, and a good deal of these shops are now the owner and 1 LO or the 2 or 3 partners in the firm and maybe 1 LO if that. Ive lost 6 LOs in the past yr that Ive dealt with for 15 years + that are doing something completely else!

 

[Mztk1]

My biggest client began limiting the number of broker jobs a while back by making the requirements nearly impossible.

I don't think they view it as a way to do the right thing, but with the work load down more of a way to pad their income a little, hoping to get a more of those would be mortgage clients direct.

 

[RSW]

I had a friend who is the owner of a mortgage company tell me that 30% of the MB shops here in the Knoxville area did not renew their license this year. The rest of the shops have few LO working for them.

 

[Diego Lopez]

Alot of brokerage companies here in South FLorida have closed down. Many banks are closing their wholesale divisions (WAMU, BoA, etc). Some brokers are holding on but only time will tell.

 

[Mike Phillips]

My biggest client began limiting the number of broker jobs a while back by making the requirements nearly impossible.

I don't think they view it as a way to do the right thing, but with the work load down more of a way to pad their income a little, hoping to get a more of those would be mortgage clients direct.

I agree. Nothing to do with "right thing" - everything to do with what they deem to be the most profitable course of action. When/if things ever heat up again there will be room for MBs just like before. The lure of having a gopher out there soliciting business at no cost or at a strictly variable cost is still there, it just isn't worth the hassle right now.