Correspondent lending has taken a chunk of market share away from the broker channel, and smaller banks are jumping at the opportunity to become correspondent lenders to fill the spaces that too-big-to-fail lenders have overlooked or ignored. NexBank is among those trying to fill the gap. The North Texas state savings bank has announced a new wholesale correspondent channel aimed at offering mortgage brokers a chance to serve as mortgage bankers to their customers. NexBank is also looking to partner with community banks that have the balance sheet or warehouse line to fund loans but do not have the ability or desire to underwrite the loans. As a partner...
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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