Even though the future of loan brokering looks dicey, the business will survive, according Countrywide Financial Corp. chairman and chief executive Angelo Mozilo.In a recent speech at the annual UCLA Real Estate Conference, Mr. Mozilo said, "Mortgage brokers will continue to be an important channel, but the ultimate financing will come from banks and thrifts, or conduits directly related to their activities." He said banks and thrifts will be the "primary providers" of U.S. mortgage finance money in the future. A recent report issued by Wholesale Mortgage Research & Consulting, Columbia, Md., predicted that the number of loan brokerage firms operating in the United States would fall by one-third, to 35,000, by the end of 2009.
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