According to an article publiushed by Mortgage Professional America, “Major Lender Closing Broker Channel,” EverBank, is closing its wholesale broker lending channel in order to focus on correspondent and consumer-direct business.
The decision will effectively close wholesale lending centers in Dallas, Sacramento and Jacksonville, which will eliminate 150 positions nationwide.
Company spokesperson, Michael Cosgrove said:
“In recent years – particularly in the wake of the financial crisis – the broker lending business has been in a state of transition. Given the recent rise in interest rates and the resulting dampening effect on refinance activity – coupled with the evolving regulatory burdens specific to the broker business – we’ve decided that it is in EverBank’s long-term best interest to exit wholesale broker lending.”
EverBank’s decision to terminate it’s broker lending channels signals some troubling news for the future of brokers but also good news. As an independent reverse mortgage broker, I have feared the end of the mortgage broker more than once but I continue to move forward, despite everything going on around me.
The bad news is that while I continue to be here, there are many brokers won’t be anymore. Being a broker is a difficult business, but there’s nothing I am, and continue to be, a broker at heart. The good news is that I’ve managed to survive through it all and I’ve come out stronger on the other side.
Upcoming changes to the reverse mortgage as well as the PATH Act, however, continue to change the game as we know it but I continue to adapt with it. I believe there are always ways around an “unsolvable” problem, you just have to excavate deeply enough. It’s not easy, I never said it was, but it’s worth it.
We chose a career that is always evolving, changing, rolling with the punches, but while others see that as a negative, I see it as a positive. This means this job can never get boring because it’s never the same. It also forces me to stay fresh, updated and at the top of my game. When you get comfortable in life, that’s when you are passed along.
EverBank will not the first, not will it be the last, to do away with its wholesale broker lending channel but with new obstacles come new adventures, as cheesy as it sounds.