Independent mortgage bankers (IMBs) originated the vast majority (83%) all single-family mortgage loans, according to Community Home Lenders of America’s (CHLA) 2024 Report on Independent Mortgage Banks.
The study also reveals that IMBs outperform bank loans to minorities and other underserved borrowers.
IMBs, particularly smaller ones, have almost no taxpayer or systemic risk, and the loans they offer provide consumers with greater protections than bank mortgage loans.
The study also highlights last year’s significant public policy advocacy successes for IMBs – including replacing GSE repurchase demands with indemnifications, more Ginnie Mae flexibility, and a CFPB focus on exploding third party provider costs.
“This year’s findings underscore what the CHLA has known for years – which is to say IBMs are having a tremendous, positive impact on the mortgage industry and they should no longer be overlooked,” says Scott Olson, executive director of CHLA, in a release. “Our hope is that members of Congress will carefully weigh these findings and use them to shape public policy regarding mortgage lending in the months to come.”
Photo: Steven Lelham