After years of servicing the wholesale mortgage industry and being a rather large player, Chase pulls out this week. After acquiring Washington Mutual, they have decided to use the retail branches and apply the WAMU model for residential mortgages. The Industry takes it with a grain of salt after months of the exit rumor. However, it is still a big loss to the mortgage brokers and bankers out there, pulling another mortgage vehicle from the already shrinking pool.

 

Besides that, rates are looking pretty good, but be ready to pay for it. Seems like the banks are happy to go below 5% but want some points upfront for it.

Dale Siegel