Alternative mortgage lenders are changing home buying

first_imgMarketplaces and brokers assist potential borrowers shopping for mortgages and the best mortgage rates.Online mortgage lenders seek to shorten the home loan process.Non-bank lenders offer solutions to credit-challenged consumers. continue reading » A number of new players jumped into the void — alternative lenders testing new business models and leveraging technology to improve the process of getting a home loan or mortgage refinance: The biggest banks, once major players in the $1.5 trillion mortgage industry, have backed away from a large portion of the business, citing low profit margins and high legal risks. It’s a result of the enhanced regulatory environment that followed the 2008 housing meltdown.center_img If you’re looking for a mortgage, there’s one less reason to walk into a bank these days. Alternative mortgage lenders — non-bank companies without customer deposits — are transforming the mortgage industry. Their goal: to offer mortgage rate transparency and help you complete the home loan process quickly, efficiently and mostly (if not completely) online. 24SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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