With purchase and refi volumes down, nonbank mortgage lenders are turning to personal loans, home equity products and non-QM mortgages. Can it move the needle?
A real estate professor told Newsweek that there are "some similarities and stark differences" between what happened 15 years ago and what is happening today.
Many of the so-called shadow lenders will emerge from this slowdown relatively unscathed. But some lenders have already stopped operating or scaled down dramatically.