Triad consumers who choose a bank or credit union to originate or refinance a residential mortgage are becoming increasingly in the minority. Scharf said customer demand will “dictate the appropriate size” of its residential mortgage lending going forward. It represented a continuation of a trend in which residential mortgage originations dropped by 10% during 2021. Not surprisingThe retrenching of mortgage lending by national and super-regional banks is not a surprising trend, said Bankrate.com analyst Greg McBride. “The really exciting change that’s occurring today is the evolution toward electronic, online mortgage origination and loan closing that’s displacing the physical mortgage loan distribution channel,” Plath said.

Source: Forbes September 04, 2022 04:45 UTC