The first lenders in the wholesale channel will likely be Wells, SunTrust, Citi, and Countrywide. Apparently, banks who accepted TARP funds are basically required to participate in the programs on all channels. As soon as the lenders who retain servicing master the program, it will be opened up to the larger pass-through wholesalers. Lenders like AmTrust, Sierra Pacific, Plaza, Stearns, etc... will be soon to follow.
I've become cautiously optimistic about the program. For once, it seems like this one may actually work. FHA Secure and H4H were total failures. Being a broker myself, I have the same concerns about our channel being excluded. However, without including the wholesale channel, the program cannot be successful. Servicers cannot even handle the volume of calls they are receiving today. A refi prospect probably won't even be called back for weeks. Without wholesale, retail would be overwhelmed within days. It will take all channels working together to pull it off. Once of the biggest goals of the program is to allow borrowers to take advantage of the low rates. The window of opportunity is probably only 4-6 months for the best rates and it will take a well-oiled machine to be efficient enough to make it work.