“The producers move over to a new firm and that’s it — that’s the M&A activity,” said David Fleig, who runs MorVest Capital, a servicing advisory firm.
The correspondent channel accounted for 47.5% of FHA/VA originations in 2023, up from a 46.8% share in 2022, based on volume from a subset of lenders that produced the majority of FHA/VA volume.