What We're Hearing

Jess Lederman is somewhat bullish on loan brokers -- but only what he calls the 'top tier' of these third-party salesmen and saleswomen. In a recent interview with National Mortgage News Mr. Lederman predicted that although many brokers may die out the "upper crust" of the brokerage industry will survive and thrive. "They're alive and well and they know the right way to originate," Mr. Lederman said. And who exactly is Jess Lederman? He cut his teeth on Wall Street many moons ago at Bear Stearns (when Wall Street was smart enough only to securitize 'A' credit quality loans). He also was a top executive at Ohio Savings for many years and then Countrywide. He is now helping Kinecta Federal Credit Union of California, a $4 billion asset institution, build its mortgage business, especially in regard to jumbo loans…