Loan brokers accounted for just 18.9% of all mortgages funded in the third quarter, according to new survey figures released by National Mortgage News. The broker share of the origination market is the lowest ever recorded by the newspaper. The news is not surprising given the exodus of many large banks and thrifts from wholesale. NMN also found that although the broker channel is waning, correspondent loan acquisitions rebounded from recent lows. In the third quarter, correspondent accounted for 35.6% of production compared to a low of 29.2% two quarters ago. Retail is now the dominant channel for residential loan originations.
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