We have recently been advising our clients that Mortgage Brokers are not the way to go in Todays Market and Mortgage Bankers are. If you would like to know the difference call or E-mail us and we will explain to you. Here is a recent news article telling of yet another close of the Wholesale dept of another huge lender.

Chase Latest to Exit Wholesale Lending; Anyone Left?

Origination/Lending

JP Morgan Chase & Co. (JPM: 25.3682 -3.73%) announced Tuesday it would cease its wholesale lending operations to brokers. National Mortgage News broke the story late Tuesday, and a Chase spokesperson forwarded to HousingWire a copy of an internal company memo explaining the shift. In a letter to employees signed by Dave Lowman, who runs home lending, and Pat Sheehy, a representative for business-to-business, the bank said it would continue to purchase retail-oriented... more»