Among the avenues that bolster them are:
Product diversification, which has enabled them to stay relevant. Some have expanded into adjacent areas like student loan refinancing — not only providing a new revenue stream, but making it possible for college graduates with student debt to finally afford a home. Others have built out their Non-QM/Non-Agency mortgage offerings, such as DSCR (debt service coverage ratio) loans, which help support the business-purpose investors who have flooded the market. Reverse mortgages, personal loans, and microloans are other products that keep their offerings fresh and relevant.
“Rescuing” consumers before they ask: Other mortgage women — both servicers and lenders — are proactively reaching out to borrowers at the first sign that they might need a helping hand. This is not only drawing these borrowers closer; it’s also helping them prevent the fallout from non-performing loans. For example, as property tax assessments and homeowners insurance costs skyrocket, they’re referring borrowers to providers of property tax reviews and appeals, or insurance brokers who can potentially help them find more affordable policies.