Whether an originator is a small mortgage bank or a large (“full service”) mortgage bank, ultimately its existence revolves around the same commodity – the originated mortgage loan. The full service mortgage bank has the ability to extract a much greater economic value from a mortgage loan than does a small mortgage banker/broker. The ability to capture this additional value is largely a result of the full service mortgage bank’s capital base and secondary marketing infrastructure. Despite the dominance of small company operators at the origination level of the sector, these small operators rarely possess the capital structure or expertise required to extract the maximum value from the originated loan. As such, through correspondent and wholesale relationships, small mortgage originators transfer most of the value of the originated commodity “up-stream” to larger and more capable lenders.