Big banks crush mortgage brokers

Speaking as a independent mortgage broker, all I can say is good riddance to the bad actors. Most of the decent loan officers are still doing fine...some have moved to work for the big banks, and others, like me, are doing very well.

Frankly, Chase abandoned it's broker base in the middle of 2007...that was the last time I sent them any business.

The people with a "gift for gab" helped to cripple a vital segment of our economy. Frankly, the same big banks that are cutting off brokers are the ones most responsible for creating the problems in the first place.

Mortgage brokers did not create the moronic programs, set the aggressive pricing for high risk products or underwrite and approve the loans. The banks and the greed for more and more business allowed the bad brokers to close bad loans with them when they should have done their jobs and underwritten the loans.
Chase Bank and others leaving the wholesale business are doing this as a way to point blame to mortgage brokers to point the finger of blame off of them.
The banks did not have to approve and fund the loans. That's underwriting 101. They should have cut off brokers they found with fraud instead of welcoming the amount of business and turning a blind eye.
They caused this mess themselves and made millions of of the pain and suffering they caused themselves. The banks that remain loyal with the good mortgage brokers will benefit tremendously.