Getting a Loan is Easier Thanks to Non-Bank Lenders
Mortgage by nonbanks have not only surged past those coming from regulated banks. (like quicken loans) Where in 2013 banks originated 70 percent of new mortgages, this year nonbanks originated 60 percent.
This may make it easier for people to get loans with less than good credit. Will this cause a problem down the road? These non-banks don’t have to abide by the tough standards set out after the 2008 collapse.
Things always seem to go in repeating cycles. This might be the start of a new scary one.