Tuesday, September 22, 2015

Non-Bank Lenders Take Biggest Share Of Mortgages Since 1995

From The Wall Street Journal, "Number of New Mortgages in 2014 Plunges 31% From Year Before: Nonbank lenders accounted for biggest share of lending since at least 1995" by Joe Light:
Nonbank lenders in 2014 took their biggest share of the mortgage market since at least 1995, new data show, as several large banks pulled back on lending to all but the most pristine borrowers.

According to federal government data released Tuesday, nondepository independent mortgage companies in 2014 accounted for 47% of loans to buy homes for owner-occupants and 42% of refinancing loans. Those market shares increased from 43% and 31%, respectively, in 2013.

The home-purchase share last year was 12 percentage points higher than in 2010.

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