SERVICING WITH A SMILE
The mortgage banking industry is the second most important source of housing credit in the US, after the thrift industry, accounting for about a quarter of all new residential mortgages. During the year ended September 1985, mortgage banks made an estimated $100 billion of mortgage loans.
Their name is misleading, however, because they are not really banks at all. They do not take deposits. They simply write loans, for a fee, sell the loans for a profit and then service the loans, for a fee, on behalf of the buyer.
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