“Smaller players such as real-estate tech startup Reali and Sprout Mortgage have shuttered, while First Guaranty Mortgage Corp filed for Chapter 11 bankruptcy," wrote a Fitch team run by Shampa Bhattacharya, director for non-bank financial institutions. “LoanDepot exited the wholesale channel, with plans to sell its $1 billion pipeline and to refocus on consumer/retail channels.”
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Cooling Housing Market Hits Nonbank Lenders Even Harder
While large banks have been laying off staff in response to a weaker mortgage originations outlook, a Fitch Ratings report says that nonbank lenders have been facing even more downbeat options. So reports MarketWatch.
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