Changing Industry Prompting Lenders to Go Nontraditional
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| The new Cornerstone Mortgage Office at 31 Bridge St. in Salem is prepared to increase its subprime lending business as an answer to industry-wide changes. |
By Andrea Gregory
The traditional mortgage and refinance markets have become increasingly more competitive as rates have risen and the customer base has shrunk. Lenders can no longer afford to sit around waiting for the phones to start ringing off the hook the way they did during the refinance boom. Many lenders are turning to niche markets as a way to survive the new lending climate, and industry experts say they are seeing a rise in popularity of nontraditional mortgage products.
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