The longest and most pained faces in today's home-loan industry belong to the wholesale lenders.

With reduced loan-origination volume and heated price competition, mortgage bankers say wholesale lending - buying loans and servicing from mortgage brokers - is a pale shade of what is was in 1992 and 1993. And it will not be the same again for many years, some observers say.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.