It appears that a mini land rush into correspondent lending is occurring. But not all mortgage bankers are enamored with the idea. Dave Zitting, CEO of Primary Residential Mortgage Inc., tells us that some lenders are rushing into correspondent “without properly building out their channel operations.” He adds that certain firms lack a “clear understanding of the outcome of the QM [Qualified Mortgage] regulation.” PRMI is a retail only lender. It has considered entering the correspondent space but for now has opted to stay on the sidelines.
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