If you’ve applied for a mortgage in the past few years, chances are you didn’t get it from a traditional bank. Instead, you may have worked with a non-bank lender like Rocket Mortgage, New American Funding, or Pennymac.
This is a result of regulations that quietly pushed banks out of the mortgage market over the past decade. Now, a proposed regulatory change could bring banks back into the mortgage market and potentially change how you shop for a home loan.
