Speaking at the Abbey Key Accounts Conference in Sunningdale today, Chris Cummings, director general of the Association of Mortgage Intermediaries, says the number of residential mortgage brokers could drop to 15,000 by the end of 2009 compared to a high of 30000.

This is to be expected as part of a rationalisation in the market and the big banks will be pleased to renter  the market with less competition as brokers make it easier for secondary lenders to achieve distribution. HSBC are reportedly flirting with the idea of offering broking as part of their service offering a sure sign that the banking community would like to have its cake and eat it as it continues directly selling its own products.