Shant Banosian doesn’t believe that retail mortgage lenders are at a cost disadvantage when pitted head-to-head against wholesale competitors.

Banosian, the Massachusetts-based originator and president of Chicago-based Rate, pointed to data showing that independent mortgage banks (IMBs) and their retail-heavy presence are responsible for 84% of single-family mortgages in the U.S.

Although wholesale lenders do not carry the overhead costs of the retail branch model, individual brokers do. And retail lenders, he said, compete against the collective wholesale market despite the continued dominance in that arena by United Wholesale Mortgage and Rocket Mortgage.

Banosian also pointed to his company’s details ⇒

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