With Quicken replacing Bank of America , gaining third place in  top 10 residential lenders couple of years ago, signalling the era of non-banking lenders to start all over.  PHH always tried to be in top 10 , Freedom Mortgage is catching up the leagues with 30 biilion USD loans projected next year! market share of banks coming down year over year.

Banks are better in doing loan servicing , leaving the originations to non banking lenders- origination requires dynamic, customer centric , tech savvy lenders who can adapt to new technologies faster than the bureaucratic hierarchical banks!  Mobile, online, tablet channels replacing bricks and mortars mortgages, reducing cost of origination drastically benefit of which is passed to borrowers