The largest U.S. nonbank mortgage lenders continue to gain market share as the industry consolidates and a number of smaller players exit the space due to a lack of strong franchises to retain sufficient volume, Fitch Ratings reported Tuesday.
Fitch expects additional consolidation in the industry as profitability remains constrained by a challenging origination environment.
Meanwhile, the largest originators will benefit from continued consolidation as they will be able to take advantage of their competitive positions once origination volumes start to increase.
“While many originators suffered operating losses amid rapidly rising rates, scaled lenders were better equipped to details ⇒
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