The Wall Street Journal reports that the business of servicing home loans is moving away from banks.
Read the Wall Street Journal Article: Mortgage Market Gets Reshuffled.
About $1.03 trillion of mortgage-servicing rights were sold in 2013, with the vast majority going to nonbank firms, said Guy Cecala, publisher and chief executive officer of industry newsletter Inside Mortgage Finance. Among the 30 largest mortgage servicers, nonbank firms held a 17% market share at the end of 2013, up from 9% at the end of 2012 and 6% at the end of 2011.
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