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Nonbank lenders making more mortgage loans
Nonbank lenders making more mortgage loans
August 29, 2014
Aug. 29, 2014 – Nonbank lenders made almost a quarter of all mortgage loans in the first half of 2014, the highest level since the financial crisis, according to reports.
The Wall Street Journal
that some large banks, such as Wells Fargo & Co. and J.P. Morgan Chase, are retreating from the home-loan market due to mortgage-related legal settlements, new banking standards and increased regulations, and nonbanking entities are filling the mortgage void.
The article cites data from Inside Mortgage Finance, which found that Quicken Loans Inc., one of the largest nonbank mortgage lenders, made $24.3 billion of loans in the first half of the year – roughly the same as Bank of America Corp. and ahead of Citigroup Inc.
“Despite the growth of online and other nonbank lenders, credit unions continue to increase their mortgage lending market share,” NAFCU Chief Economist and Director of Research Curt Long said. He noted that more than 8 percent of mortgage originations are now made by credit unions.
from FDIC found that banks’ loan and lease balances grew by $178.5 billion to $8.11 trillion – a 2.3 percent increase over the previous quarter and largest quarterly jump since 2007.
that contributing to the growth were commercial and industrial loans, residential mortgages, credit card balances and auto loans.
WSJ article on nonbank lenders
WSJ article on FDIC data
NAFCU's offices closed Labor Day
4 NAFCU member CUs appointed to CFPB's CUAC