A Large Player in Correspondent About to Exit?

The rumor mill has been active lately with reports that a large correspondent buyer of home mortgages may be heading for the exits. Again, we can only stress that it’s all talk at this point. We won’t name the firm and chances are it’s what we in the news/rumor business call a “false positive.” (The talk may’ve been sparked by a defection of a top executive in the mortgage department. This person oversaw correspondent.) Needless to say, we are hearing stories about some lenders – nonbanks in particular – entering the correspondent space, which would be a welcome development. As for wholesale lending, there are not many bright spots, except for the recent news that Total Mortgage Services of Connecticut is ramping up and adding account executives in the Eastern part of the nation. At least it’s something for brokers to look forward to…