Half of mortgage seekers are walking by banks

bankBy Anya Martin | The Wall Street Journal

Look out, banks. Home buyers are increasingly turning to independent mortgage companies for their loans.

In 2014, nondepository independent mortgage companies originated 47% of completed home-purchase loans and 42% of refinance loans, according to data from the Federal Reserve. That’s up from 43% and 31%, respectively, in 2013 and the largest share of the mortgage market held by non-banks since 1995.

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