The evidence is both anecdotal and statistical: the deconsolidation of the mortgage industry is underway. New figures compiled by the Quarterly Data Report show that certain megabanks are scaling back in correspondent lending while others (smaller players) are stepping up to the plate. But even more interesting is that some top executives at the big boys (Doug Jones of Bank of America comes to mind) are jumping ship for smaller players. (Jones went to PennyMac.) How long might this trend continue? Stay tuned…
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