Non-bank mortgage lenders in California reported significantly less activity in 2017, with both the number of loans and combined principal amount declining by nearly 30 percent from 2016, according to a recent report by the Department of Business Oversight (DBO).
Non-bank lenders licensed by the DBO under the California Residential Mortgage Lending Act (CRMLA) reported originating 431,052 loans in 2017, down 28.4 percent from 602,430 in 2016.
But statistics don’t tell the whole story about the state’s housing market. Read on to learn why.
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