These fintech lenders have already made a notable impact on the overall lending industry as they have contributed to a 0.4 percentage point drop in legacy banks’ mortgage interest income. To that end, the report recommends regulators keep close tabs on the lending industry to ensure neither fintechs nor traditional banks “are given preferential treatment and to avoid opportunities for regulatory arbitrage,” according to the article.
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IMF Report: Fintech Lenders Pushing Their Narrative Onto Legacy Banks
A new International Monetary Fund report warns aggressive-growth fintech mortgage companies like Rocket and loanDepot could push traditional banks out of their comfort zone. So reports MarketWatch.
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