Posted To: Pipeline Press

Last week was the Western Secondary Marketing conference in San Francisco. On one of the nights I came upon a mortgage banker who'd had a little too much to drink. Way too much, actually, and he was "as blind as a welder's dog", as Australians say. But he had some interesting things to say about the current correspondent investor community . (I will not vouch for the factual nature of his comments, so don't kill the messenger.) Here's what he told me: "I used to have lots of investors meetings. But now Chase only wants retail, Citi doesn't seem to know what they want, Wells is so backed up in operations they can't do anything, and BofA is...BofA. PHH is opening up a correspondent division, but they only want credit unions and small banks, like Taylor Bean...(read more)