As of January 2009, JPMorgan Chase & Company made the decision to exit the wholesale business. As reported by Housing Wire in January 2009
"We believe that our customers are best served when a mortgage officer works directly with them, explains our products clearly and then helps them carefully evaluate the choices in light of their personal financial situation,” the memo read, in part. “Homeowners with loans originated by Chase professionals and other retail-focused teams have historically performed better than those originated by brokers.”
Read the article in its entirety at Housing Wire.
Okay, this is a bad April Fool's Joke! In fact, we all know that as long as Chief Executive Officer Jamie Dimon is at the helm of JPMorgan Chase, we shall never see them directly in the wholesale channel.
However, I can share with you several wholesale lenders who are ACTIVELY working with and supporting Mortgage Brokers. Regional wholesalers like Presidents First, Real Estate Mortgage Network, Inc. (REMN). Plus, you have national wholesalers like Flagstar Wholesale Lending, and MetLife Home Loans and Wells Fargo Wholesale Lending Mortgage.
Please comment below the names of other wholesalers and their contact info to share with the community.