Large servicers of the world are going to have one-click refis. You go to the Web site and they pretty much do it for you. Home equity is going to be pure Internet play. You don't need the hand holding. It's all rate, rate, rate.
Mortgage brokers offer the most value in the purchase transactions where hand holding is a big plus.
For refi's and seconds, this value-add just doesn't go very far. Within five years 80 percent of the loan origination volume will be processed through the top six wholesalers. Mortgage industry jobs will be lost to machines. By 2005, loan origination will lose half it's work force as large government-sponsored entities further improve and automate underwriting systems. Many e-lenders will be acquired by companies that can cheaply attract consumers to their mortgage products.