Nonbank mortgage employment gets a surprise bump

Nonbank mortgage employment gets a surprise bump

UPDATED May 14, 11:45 a.m.: If you’re looking to get a home mortgage or refinance an existing one in South Florida, odds are you’re just as likely to turn to a nonbank lender as a traditional.

After the 2007-2009 financial crisis, an increase in delinquent loans and other factors led some banks to exit the mortgage servicing business and created opportunities for increased participation by nonbank entities. gao was asked to study the effects of the growth of nonbank servicers in the mortgage market.

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Congress should consider giving direct authority over nonbank mortgage servicers to the federal housing finance Agency, according to a report released Monday by the Government Accountability Office. The report said there should be "parity" among financial regulators in the oversight of regulated entities and third parties they do business with.

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nonbank servicer is typically avoided by transferring servicing rights to a financially sound servicer,1 thus ensuring continued collection of mortgage payments from borrowers and uninterrupted remittance of principal and interest (P&I) to mortgage-backed securities (MBS) investors.

In the first half of the year, lenders that aren’t banks made almost a quarter of all mortgage loans, the highest level since at least the financial crisis.

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Brian Collins covers the housing and mortgage market, including the federal housing administration and the Department of Housing and Urban Development. A reporter with more than two decades of experience, Brian has covered the savings and loan crisis, subprime mortgage debacle and the fall of Fannie Mae and Freddie Mac.

Nonbank mortgage employment inches down as housing market loses steam The number of workers employed by nonbank mortgage lenders and brokers reversed course and inched lower in July as affordability constraints and limited income gains reduced demand..

"What you really have is a re-democratization of the mortgage industry away from the Big Five banks who just a few years ago had a 75% share of the mortgage market." Mortgage bankers were once a major force in lending up through the 1990s, when the five largest banks started picking up more market share.

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