Mike Eshelman, Head of Consumer Finance at Jornaya, writes about technologies that are putting independent brokers on the same footing as nonbank direct lenders in this Scotsman Guide article. Below is an excerpt:
For a decade, mortgage brokers have seemingly faded out of the industry, written off as nearly extinct. The once-thriving community, previously responsible for originating the vast majority of mortgage loans in the U.S., astonishingly lost 90 percent of their market share within a matter of years and struggled to regain traction.
Typically, such a steep nose dive is irreversible. Independent mortgage brokers are making a comeback, however. Through the advancement of new technologies, the broker community now has the resources necessary to regain their position in the mortgage ecosystem. These new broker-specific technology solutions are being deployed just in time for the 2019 homebuying season.
To read more, access the full Scotsman Guide article here.