New Hampshire Mortgage Lenders Helping To Lead The Way Over Big Banks Roger Odoardi New Hampshire Mortgage Lenders Filling The Void Left Behind By Larger Lenders New Hampshire Mortgage Lenders are joining small to mid-sized lenders all throughout the country in filling the gap left behind by large banks that have decided to to wash their hands of mortgage programs as a means of recovering from the nation’s financial crisis. Big banks that have started to retreat from the wholesale mortgage market include JPMorgan Chase, Bank of America and Wells Fargo. The most recent departure from the wholesale mortgage market comes from Fifth Third Bank, which joined the exodus in March when it announced it would terminate agreements with its brokers. The reason these large lenders are leaving the game, according to this recent article, has everything to do with profitability. “I think Chase and the big guys are getting out of it because they can’t do the loans in a profitable manner. A lot of wholesale lenders out there have a lower cost of doing business. The brokers are low-cost providers and the banks can’t compete with them. Guys like us, who are willing to partner up with those brokers – our business is going to grow. That’s why we want to grow our business model – because we see lots of opportunities out there.” — Frank Curry, senior vice president of wholesale lending at IMPAC Looser lending standards have also helped NH mortgage lenders get in the game. Jay Healy, a broker and co-owner here at Blue Water Mortgage Corp, was quoted in a recent newspaper article explaining that the reason real estate recovery in New Hampshire has gained momentum is in part because of the looser lending standards. “We are also seeing Fannie Mae, Freddie Mac, FHA, and lenders loosening up credit restrictions, which has allowed a larger pool of buyers to get in the market,” he told Casey Conley of Foster’s Daily Democrat. But in addition to profitability, and increasing access, the reason smaller mortgage lenders have been able to attract more and more business from brokers is because of the flexibility they have when it comes to range of products. As a group of independent New Hampshire mortgage brokers, we at Blue Water Mortgage are capable of offering a variety of products from a wide variety of lenders — meaning we have a wider range of options available when it comes to selecting the mortgage loan that is right for you. Learn more about how your mortgage broker and real estate agent can work together as a team, and contact us today to find out how we can help you find a mortgage without being beholden to any one lender. Roger Odoardi Roger is an owner and licensed Loan Officer at Blue Water Mortgage. He graduated from the University of New Hampshire’s Whittemore School of Business and has been a leader in the mortgage industry for over 20 years. Roger has personally originated over 2500 residential loans and is considered to be in the top 1% of NH Loan Officers by leading national lender United Wholesale Mortgage.