Congressman Patrick McHenry and Congressman Jeb Hensarling have both released comments supporting President Donald Trump's executive order on Dodd-Frank; the executive order on Dodd-Frank signed on Friday outlines core principles for regulating the United States financial system and asks the Treasury secretary and regulators to come up with a plan for replacing Dodd-Frank; Congressman Jeb Hensarling has proposed the Financial Choice Act to overhaul Dodd-Frank; if new policies are enacted it would ease lending requirements for banks making credit more available for consumers and small businesses from mainstream financial institutions. 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
