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Finding good brokers

By O'Connor, Robert
Publication: Mortgage Banking
Date: Friday, November 1 2002
HEADNOTE

COVER REPORT: BROKER / WHOLESALE

HEADNOTE

The current refi boom has brought waves of new brokers into the business. Lenders are carefully

monitoring the loans from new brokers to find business partners worth keeping.

STRONG RELATIONSHIPS BETWEEN MORTGAGE brokers and wholesalers are critical to wholesale lending. There is nothing new or trendy about that. Wholesalers depend on brokers to bring in good business and to act ethically in their dealings with the mortgage-buying public. Wholesalers have long recognized the need to ensure that their brokers are adhering to the highest standards.

Such considerations have become even more important in the current record-breaking refinance market, where there has been a surge in the number of mortgage brokers.

Mark Hammond, chief executive officer of Flagstar Bank, Troy, Michigan, says that the growth in mortgage volume has attracted people to the industry. There are more brokers, more loan officers and more originators, Hammond says. This year is on course to exceed the $2 trillion-plus market of 2001, he says.

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