He said: “There is a lot to manage at this scale, (but) we felt we had to return the savings to our customers. We were one of the first to report that we would retroactively apply a 50 basis point credit to all blocked loans except those that were in the process of being closed. “
JD Power’s recent Primary Mortgage Agent Satisfaction Survey revealed a nugget of information that went almost unnoticed amid the rewards clamor by revealing that traditional banks were starting to lose their edge over non-bank lenders.
Pendleton sees this as further proof of the crucial role independent brokers play and why some wholesale lenders are willing to have very public dust-ups in order to maintain their loyalty and custom.
“If you look back before the crisis, the brokerage community was 50% of the market share, but they just didn’t have the advocates that the retail channel and the big banks (had). They didn’t have that much voice and room at the table, ”he said. Now, however, he is seeing brokers “entering the space and moving from retail to freelance” in ever-increasing numbers.
Continuing on the theme of the peace mediator, Pendleton offered a few soothing final words to his (much bigger) competitors.