A new report from Moody’s Analytics says the recent announcement by Bank of America that it will launch a digital mortgage platform is positive for the bank, in part because it helps narrow the gap between Bank of America and non-banks such as Quicken Loans, loanDepot.com and Guaranteed Rate Inc.
However, Moody’s cautioned that banks have seen a significant share of the mortgage market move to non-banks since 2008 as “a significant driver of the shift has been banks’ belief that through-the-cycle profitability in the mortgage business is modest.”
Read on for more insight from Moody’s on the future of digital marketing strategies among banks.
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