The Rise of The Non Banks
June 19, 2018//Comments Off on The Rise of The Non Banks
The Rise of The Non-Banks
Since the financial crisis, banks have moved away from residential mortgage lending, citing low margins and increased regulatory scrutiny.
In turn, non-banks, or mortgage companies that are not subsidiaries of a bank or bank holding companies, began filling the void. With no overhead or legacy costs stemming from the financial crisis, these companies claimed they could originate mortgages at a lower cost to consumers than banks.
In many metro areas, including South Florida, non-banks are now the leading mortgage lenders. The rise of non-banks allows borrowers easier access to mortgages.Hurry! Get your mortgage now!