Are title agents close to becoming “the next mortgage brokers?” I've heard this comparison enough that I need to put it out there to all of you. The question isn't one of job function, but one of relevancy in the face of risk-management-inspired change. Here is how the rationale goes:
At one point in time, mortgage brokers dominated the mortgage origination landscape. Banks had large wholesale channels, and they used this outside originator source as a significant revenue driver. They were largely content to act as the back office and generate loans wholesale. At a certain point in time, mortgage brokers needed to change the way they operated. They needed to regulate themselves and think more about their clients’ needs. The wholesale channel needed to be reworked, but the mortgage brokers had so much market share no one thought the model could be changed so dramatically in such a short period of time.