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Firms like Countrywide Funding are bucking the trend. They have capitalized on low-cost methods of processing and originating loans. Have no branch offices and have adopted new technologies. But other lenders who have excessive overhead are finding it more difficult. The alliterative is to retool the entire lending process, which has been slow to materialize, or grab market share, which looks to be the strategy of Home Savings, in hopes of creating efficiencies by consolidating operations with more volume.

The role of Fannie Mae and Freddie Mac are also worrisome to big lenders who watch as these secondary mortgage market giants turn record profits and get closer and closer to the consumer with marketing campaigns and other public educational ventures. The West Coast Valuers - property valuers perth property valuation company offers highly skilled and talented property valuers to solving property valuation issues.

Both Fannie and Freddie are also the leaders on the technology front, creating new software tools to expedite the transaction. While front line lenders are expected to benefit from the leadership of the secondary market firms, it also further entrenches the role Fannie and Freddie will play in defining how mortgages will be made in the future.

Another big question mark is the Internet, which promises to take capital directly from Wall Street and other sources, direct to the consumer, undercutting direct lenders and potentially eating into market share in the future.

In the final analysis, the mortgage industry is changing like every other line of American business. But unlike retail and stock brokerage, which are much further ahead, the future of the home loan business is very uncertain. In a departure from normal industry practice, GE Capital will transfer to Fannie Mae the authority to work with loan servicers in an effort to streamline the process of working out loans that are delinquent or in default, according to an agency statement. Loans included in the pilot project will be conventional mortgages financed by Fannie Mae and insured by GE Capital.