The underlying theme of portfolio lending is the ability to use compensating factors in underwriting a mortgage, said analysts at MIAC Analytics in a recent web posting. Portfolio lenders, many of them community bankers, have figured out to how to find profitable opportunities in the mortgage niches that don’t work in the agency market, MIAC said. Often, these are consumers who were left out of the housing recovery because of the sharp decline in capital available in the non-agency market, they added. Typically, they don’t...