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AmNet Mortgage, Inc (AMNT) Message Board

  • domoreresearch domoreresearch Nov 23, 2003 3:01 PM Flag

    New purchase mortgage market

    FYI..... John Robbins was published in the Nov 2003 Mortgage Bankers Association newsletter. He had this to say about the shift in the new purchase market from retail loan officers (CFC, WM etc) to mortgage brokers that INV works with:

    "The current mortgage market seems
    anything but traditional. So much about
    the purchase environment has changed.
    But from all indications, there is enough
    opportunity for companies to continue
    growing. According to the Mortgage
    Bankers Association (MBA), the residential
    origination market in 2004 will total
    $1.5 trillion, making it one of the five
    largest in history.
    One characteristic of the new mortgage
    market is how consumers shop for
    the best mortgage. While retail loan
    officers are still important, mortgage
    brokers now control roughly 65 percent
    of all originations through a national
    network of approximately 45,000 brokers�
    compared with only 8,500 in
    1988, according to Columbia, Maryland�
    based Wholesale Access Mortgage
    Research and Consulting Inc.
    It is time to realize that mortgage
    brokers are more than just go-betweens
    in the lending process. They are agile
    entrepreneurs who are adept at working
    in different market environments. Brokers
    can be seen as the new �dream
    makers,� because they take a proactive
    role in facilitating homeownership. Brokers
    know their business and have
    worked hard to win the trust and confidence
    of America�s homebuyers. Consumers
    see value in their ability to provide
    a wide range of products, competitive
    pricing and quick response."