The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks.
“While it is true that many nonbanks entered this downturn with a large war chest of cash and capital, this is more than offset by the impact of warehouse and investor covenants, which are causing lenders to move expeditiously to cut costs,” Jim Cameron, Stratmor Group’s senior partner, wrote in a report published this week. “In short, while this downturn is very painful, perhaps we will get through it faster.”
Nonbanks have more than 60% details ⇒
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