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EPISODE #747
Lenders who diversify product offerings more likely to survive market fallout & lender consolidation
[Housing Wire] Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers, or failures in the wake of the double whammy of still-rising inflation and interest rates. One asset group company is focusing on working with nonbank originators to offer additional asset classes such as HELOCs, second-liens, or reverse mortgages…
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1 comment
It is interesting the JB Nutter response does not address the allegations but rather deflects, by saying the allegations do not state anything about borrower qualifications or loss from the originations. Yet many of the HECMs in question probably have not terminated. Yet the basic question appears to be, did the lender materially misrepresent the qualifications of some of those who were involved in closing these HECMs?
Will the same problems impacting the large independent mortgage banks hit the reverse side of the mortgage as hard (or even harder)?