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November’s operating results reflect the trends of today’s mortgage market,” said David Sambol, president and COO at Countrywide. “Origination mix continues to shift as third-party originated fundings as a percent of total mortgage loan fundings have decreased year-over-year and retail fundings as a percent of total have increased. In addition, government fundings represented 10 percent of total mortgage loan fundings in November 2007 versus 3 percent in November 2006.”
This is from www.housingwire.com
Third party originators choose not to use Countrywide becuase they are no longer competitive or effecient. Considering they hired 12,000 new retail reps its good to see that their retail numbers are up. But we have to wonder at what cost?
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