California regulators have found nonbank lenders are faring well in the state's strong housing market.
The state's Department of Business Oversight found Quicken Loans and other nonbanks originated 615,830 mortgages in 2015, 49% more than in 2014. The value of the nonbank loans rose 59% to $203.9 billion in California, one of the largest mortgage markets in the nation.
"The numbers are cause for encouragement, but not giddiness," DBO Commissioner Jan Lynn Owen said. "DBO will remain on guard against the bad underwriting and unfair business practices that crashed our economy and inflicted financial hardship on millions of Californians."
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