A financial analyst with FBR Capital Markets and Co. has produced a research report pointing to a strong market opportunity for credit unions and other smaller mortgage issuers.
Paul Miller, managing director for FBR, wrote in the report that at the end of the fourth quarter large banks were retreating from the mortgage market due to servicing issues and litigation, making room for smaller mortgage issuers to flourish.
"These issues have caused the large banks to allocate less capital to mortgage banking and have limited their ability to originate mortgages at the pace they have in the past," Miller wrote in the research report. "This has created an opportunity for smaller players to step up and fill the void while still attaining healthy margins."
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