More Home Buyers Bypass Banks for Loans

Home buyers increasingly are turning to independent mortgage companies for their loans, not traditional banks. 

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

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