The value of the Mortgage Broker increases because banks no longer can sell loans well

We can kiss WAMU goodbye as it preps itself for an acquisition. Today's news gives all the indications...We've talked about how bricks and mortar will disappear as local centers of real estate commerce (or at least they should change their sterile function as meeting and signing places). WAMU, along with a $7 billion cash infusion (yes, another fire sale) that dilutes its shareholders about 48%, is closing 186 home loan centers. Frankly, more loan offices should be closed - rental expenses are too costly now that loans are becoming commoditized and the application processes don't require a visit to the loan officer.And WAMU also closed their wholesale lending division. That means mortgage brokers won't be able to sell WAMU loans to their borrowers. Borrowers must now deal directly with the bank... but what consumer wants to do that now at a time when credit tightening makes it more critical to efficiently source all their loan options.In one fell swoop, WAMU admits the obvious - 1. We're not in the loan sales business any more 2. We're re-capitalized, and retrenched... 3. Making us a safer acquisition for a bigger bankThe banks are hurting themselves by making it so difficult to get a loan now. With credit tight and public perception of banks as either unsafe, unsavory, inefficient or even idiotic, doesn't this imply that the consumer needs more guidance than ever for their loans? Doesn't it portend the rise of the good mortgage broker? This is a window of opportunity for new mortgage business models (mostly of the online variety) and for the competent mortgage brokers whose blogs we follow.