Sarasota Herald-Tribune (FL) (06/12/08); Pollick, Michael
Many mortgage brokers are being forced out of business as a result of the mortgage crisis, with the number falling 36 percent to 55,000 from 86,000 in 2007 in Florida alone. Mortgage brokers say it is tougher to do business due to lenders closing their wholesale divisions, and they believe requiring borrowers to obtain financing directly from the lender limits consumer choice. Sitka Pacific Capital Management investment adviser Mike Shedlock says lenders are using mortgage brokers less often because a decline in demand for mortgage-backed securities has forced them to retain more home loans in their portfolios, prompting them to seek greater control of the process. Many mortgage brokers who no longer have jobs are accepting employment offers from lenders, but those managing to weather the mortgage crisis are snapping up workers from their competitors.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment