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The news that the privately held Prospect Mortgage of Sherman Oaks, Calif., has hired industry veteran Amy Brandt to head its foray into both servicing and correspondent lending should surprise no one. Brandt is a well respected mortgage manager who knows the business inside and out. Her ascension there is just another signal that nonbanks see a major opportunity in residential finance – despite all the talk of how Basel III (now on hold) and coming Dodd-Frank rules are going to force community banks out of the business. As I’ve asked before: just what are these executives working at the community banks going to do when they sell their firms? Open a McDonald’s franchise?