In 1993, the home-loan industry generated more than $1 trillion of mortgages. In 1994, the figure was down to $775 billion, and last year volume was an anemic $690 billion.

With volume shrinking at that rapid pace, overstaffed lenders have rushed to prop up volume - and shrinking margins - with a wide variety of new or recycled products and innovative marketing and distribution techniques.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.