News about the federal reserve increasing interest rates has taken over the news headlines. Consequently, more reporting on nonbank lending has picked up.
Nonbank lenders provide optional mortgage lending for people who are self-employed or have less than stellar credit. At the same time, nonbank lenders are relatively new to the financial industry and are not under the same standards of operation as a conventional bank. The question is, will this lending become more commonplace, and will it keep the real estate and title industry afloat as the standard markets become less attainable for the average American home buyer?