The online lender is now able to originate mortgages in 27 states, with hopes of expanding to all 50 soon; included in their announcement about the New York license was overall originations reached $1 billion in December, $100 million of which were mortgages; SoFi Chief Revenue Officer Michael Tannenbaum said, "The plan is to continue to roll out a state licensing strategy, our licensing strategy mirrored places where there were large jumbo balances."; SoFi also believes their cross buying strategy and the $1 billion infusion from SoftBank has helped them weather the storm of the last year; in a separate announcement, the online lender has moved their office to 860 Washington Street in New York's Meatpacking District. Source
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Many people don't realize the role that non-bank lenders play in the mortgage business; the below bar chart breaks down the top originators in Q2 2016; while traditional banks still are represented in the top 10 and Wells Fargo still leads by a wide margin, non-banks represented 63% of the total number of originations in the top 10; non-banks lead origination of mortgages which are insured by the Federal Housing Administration and the Veterans Administration; the graph shows the trend we have seen since 2009 of non-bank lenders increasing their share of the market; at LendIt we will feature a panel on the shifting mortgage origination landscape with companies such as Better Mortgage and loanDepot. Source
