Death of the mortgage broker?

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It’s a question worth asking: is there a place in the newly evolving mortgage market for mortgage brokers? (Let’s hold off the broker-bashing for long enough to at least mention the links).

In a post worth reading, Blown Mortgage this week observed, ‘wholesale lending by mortgage brokers is on its death bed.’ More: ‘This may not be a surprise to those that have watched the scape-goating of mortgage brokers reach a fever-pitch by the mainstream media and lenders looking for an easy villan in the current housing mess; the momentum behind the elimination of the mortgage broker is gaining quickly.’

And this from Calculated Risk: ‘Quote of the day from the Mortgage Bankers Association’s (MBA) new Chairman Kieran Quinn: ‘We’re going back to lending the way it was in the 1950s and 60s. Mortgages will be made mostly by bankers and their employees, and compensation will be based on who’s making good loans and who’s not.’’

Your thoughts? Comments? Email story tips to lalandblog@yahoo.com.
Hat tip: BetterVillage