A heaping serving.

Position:Portfolio
 
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ROOKIE BROKERS ARE GETTING A TASTE OF A BIG REFI BOOM. WHOLESALERS ARE reporting that new brokers in droves are interested in signing up to originate loans for them. For now, the business is rolling in without much effort. The question for many wholesalers is how many of these rookies will be around sending them loans next year, when the market offers slimmer pickings.

We polled some big wholesalers to see how their broker ranks have swelled in the past year or so. Our story this month by Robert O'Connor, titled "Finding Good Brokers," notes that Willie Newman, president of InterFirst Wholesale Mortgage Lending, Ann Arbor, Michigan, says brokers "are approaching the company in droves." And InterFirst is not unique. The big wholesalers are getting piles of resumes.

Wholesale business is literally booming. National City Mortgage Company, Miamisburg, Ohio, told Mortgage Banking it passed its total wholesale volume done last year as of mid-September 2002. And the total done last year was an impressive $23 billion. Robert Shrader, National City's senior vice president, says that over the last year, his company has added about 2,000 brokers, bringing the total to around 10,000. And National City is just one...

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