Brokers, Flush from Refi Boom, Flocking to Servicing Business
Hornblass, Jonathan, American Banker
Mortgage brokerages are putting on a new face.
Laden with profits and eager to diversify their operations away from the waning refinance business, more brokers are undertaking servicing, according to servicers and brokers.
Most are using "subservicers" to do the processing work as they get their own portfolios started.
Brokers, who usually sell the servicing rights along with the loans, have taken on servicing before. But the number of brokers jumping into servicing has risen dramatically in the past year.
Clientele of Brokers Triples
At Wendover Funding Inc., Greensboro, N.C., one of the nation's largest subservicers, the number of …
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Publication information: Article title: Brokers, Flush from Refi Boom, Flocking to Servicing Business. Contributors: Hornblass, Jonathan - Author. Magazine title: American Banker. Volume: 158. Issue: 239 Publication date: December 16, 1993. Page number: 11. © 2009 SourceMedia, Inc. COPYRIGHT 1993 Gale Group.
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