Wholesale Access: Some Brokers Doing Loan Mods

Some loan brokers are now engaging in loan modifications to make ends meet, according to researcher David Olson of Wholesale Access. In an interview Mr. Olson said brokers are "linking up with title firms" to help consumers restructure their troubled loans. "Some brokers can make $2,000 on a loan," he said. Marc Savitt, the current president of the National Association of Mortgage Brokers, said he has heard anecdotal stories about brokers doing loan modifications and working with attorneys but could not offer any specific examples. "A lot of people are hurting and trying to make ends meet," said Mr. Savitt. The Columbia, Md.-based Wholesale Access is on the verge of launching a new study of the brokerage industry but Mr. Olson is none too optimistic about the immediate future of third-party loan salesmen. "Will it come back?" he asked. "One of the biggest problems is the lack of product variety."