Lenders go outside the box to offset lost production

Mortgage

With the big drop-off in refinancing, lenders are beginning to realize there is a whole world of would-be borrowers who have been unable to find financing for their deals, business they can address to offset lost production.

More than 110 million people have credit scores below 620, which makes them all but ineligible for agency loans purchased on the secondary market by either Fannie Mae or Freddie Mac, according to Jamie Billingham of Angel Oak Solutions, an Atlanta-based lender that’s active in 35 states.

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