I am really excited about the resurgence in wholesale that seems to be taking place. Our response to the "Who's left in wholesale" guide really has been just short of overwhelming. From Brokers submitting their suggestions on the various social networking site to lender participation, I feel this feature in the July issue of the National Mortgage Professional Magazine will really be surprised by how many options there are out there in wholesale.
Yes, we all know this business is a lot harder then it used to be. From turnaround in underwriting taking up to 60 days, to HVCC delays and compromising on values, to overly cautious credit standards, this business is a lot harder then it used to be. Sadly, many great people have left this industry due to these tough times. I have heard estimates that Mortgage Brokers went from a nearly 70% marketshare at the peak down to a 20% marketshare. The positive side of that is we flushed out some not-so-great players who really didn't have the passion to help the homeowner.
Please share your comments below on where you feel the wholesale marketplace is headed.