Nonbank lenders displace banks after 2008
After the financial crisis, nonbank mortgage originators like Quicken Loans (now Rocket) and loanDepot grabbed market share from big banks. Free from the same capital requirements and holding direct-to-consumer distribution, they grew rapidly.
Nonbanks took the majority of U.S. mortgage originations within a decade.
Residential lending shifted from bank-dominated to nonbank-dominated.
The same displacement now happening in private real estate credit, with firms like Roc stepping in as banks pull back, underpins BostonPads' move.
