Nonbank

Borrowers reacted positively to the increased interaction and engagement resulting forbearances and payoff requests, J.D. Power found.

While federal regulators attempt to overhaul the Community Reinvestment Act for banks, Congress has shown little interest in applying it to other lenders. But recent moves in Illinois and New York have given some stakeholders hope that state lawmakers will pick up the slack.

The plateau in non-depository estimates for new jobs in the field reported Friday follows anecdotal accounts of reorganization by banks and nonbanks in the past week.

Contrary to the myth perpetrated by many in Washington, IMBs do not pose any real taxpayer financial risk or systemic risk, writes the CEO of Union Home Mortgage and member of the Community Home Lenders Association.

Even though volumes are expected to taper from 2020’s record highs, lenders plan to take on more employees in 2021, according to the Mortgage Bankers Association and McLagan Data.

In addition to earning ancillary fee income, it provides originators with an opportunity to connect with current and potential clients mired in student loan debt.

The more gradual upward drift in job numbers this year may hint at a slight softening in the market that analysts have flagged.

The company is formally launching a new “non-mortgage” unit that will provide small loans for home improvement projects.

The relatively small addition of 266,000 positions to the broader market in April suggests that income uncertainty, which could impact some borrowers’ ability to qualify for or pay loans, could become a concern among lenders and brokers.

Loans bought on the secondary market have become increasingly important as borrower demand has ebbed and companies have sought to obtain mortgages through additional outlets to maintain production levels.