Banks are Leaving the Mortgage Business.
MPA Magazine (www.mpamag.com) reports that large banks are leaving the home mortgage business. They originated just 52% mortgages in 2014, down from more than 70% seven years earlier. The magazine cites the CEO of BankUnited (a Florida based bank) who said “We can’t make money in the business. We realized that this was the lowest-margin, most volatile business we had, and we decided we should exit”.