Not an ordinary refinance lender
Refinances made up 89.3% of its loans and other purposes 8.4%; purchases were 1.4%. Some 93.5% of its borrowers had low or moderate incomes, the highest share among similar lenders (independent non-bank lenders making between half and twice as many loans), where it is 23.6%. Yet its typical loan was $645,000, about twice peers' $330,000. Low reported incomes beside large loans on homes already owned may point to borrowers with much equity but modest incomes, such as retirees; the figures do not say which.