With single-family originations expected to decline in the next few quarters, most mortgage firms are keeping a close eye on costs, hiring only if they need to.
“I think everyone is on board,” said Colgate Selden, a former CFPB attorney and now managing director and head of regulation and compliance at Promontory MortgagePath.
JPM and Wells do not use loan brokers, avoiding the wholesale channel. Both have large warehouse lending programs and acquire mortgages from the nonbanks they also finance.
Nonbank lenders licensed by state regulators have seen their share of the mortgage originations market grow dramatically over the past five years, according to a new Inside Mortgage Finance analysis. [Includes one data chart]
Artificial intelligence and machine learning technology are currently being used by 26 percent of lenders surveyed by Fannie Mae. The government-sponsored enterprise also found that the share of lenders using such technology could hit 60 percent within two years.