A new entry for our worry list.
The industry’s largest mortgage lender has been making quite a bit of news lately; namely, with its exit from the wholesale channel. As I’ve mentioned, I keep a “worry list” in monitoring industry developments on behalf of my clients as well as myself. This news has me concerned.
While I don’t have any inside information on this matter, I’ve been in the mortgage industry long enough to wonder what, if anything, is next? Could Wells (and other large lenders) be planning to exit the correspondent lending business? If so, will well-capitalized and experienced mortgage lenders be prepared (or willing) to pick up the baton? If not, what then for the smaller lenders and originators out there? Less choice, in any market, is never a good thing.
What say you? Feel free to drop me a line or add a comment below. In the meantime, I’ll keep a lookout, and continue sharing my worry list with you.