As Bank of America and other megabanks – except Wells Fargo, of course – continue to scale back their presence in residential finance a rebirth in mid-sized firms is underway, or so we're told. One veteran investment banker we know said there are now many nonbank funders that are producing $3 billion to $5 billion a year in new product. “It's sort of like back to the future,” he said. But he also said some of these companies are now contemplating merging because loan production in 2012 could be a challenge. “There's a lot of talk about saving money on back office costs. We might see some mergers of equals this year,” he said.
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