The business-to-business online exchanges that were supposed to replace brick-and-mortar mortgage brokers have just added one more link to the mortgage distribution chain, and have been inefficient at providing connectivity, data transfer and validation, price discovery, and liquidity, according to research done by Tower Group. The report, “Online Wholesale Mortgage Lending: The Mortgage Megachannel,” found that the online wholesale channel, now the second largest mortgage distribution channel, has grown from 3 percent of total loan…