Home Buyers Turn to Independent Mortgage Companies for Loans Over Banks
Home buyers are now tending to choose independent mortgage companies for home loans over banks.
According to the Federal Reserve, in 2014, independent mortgage companies were responsible for 47 percent of completed home-purchase loans and 42 percent of refinance loans.
Some non-bank lenders include Wells Fargo and Quicken Loans, which are the nation’s first- and second-largest retail mortgage lenders, respectively.
Image via Flickr/Jack Pearce