Competition in the A-market has become increasingly stiff and perhaps even ruthless. In the meantime, mortgage brokers keep turning away clients who are open and willing to look into their products but who simply can’t qualify for prime mortgages. This rigidity is hurting the market, and industry players are asking banks and lenders to consider the “Alternative-A” markets.
In a news report in CMP Magazine, Dan Burke of the Burke Mortgage Group aired the sentiments of his peers, saying, “The only lenders we have access to are A-lenders (and) we have to turn customers away who don’t qualify for A-deals and it’s costing us big time. There is a huge opportunity for a B-lender to come to our market.”
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