Battlers Regroup to Fight the Essay

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Some small 'non-conforming' institutions are also expanding into debt collection, commercial financing, debt management, and even equipment rentals.

The credit crisis has also impacted non-banking institutions that have offered mortgages in the past. Immediately after the crisis, borrowers shied away from them, despite the fact that these institutions offered more competitive rates. Non-bank's reputations as lenders had been tarnished by the subprime crisis. The banning of 'exit fees' and greater regulation of the mortgage industry has caused some borrowers to return, and impelled non-bank entities to offer new services to more specifically target this market.

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This is critical for these entities to remain competitive. They are focusing upon consumers with lower-quality credit histories who they do not consider 'bad risks.' They act as advocates for such consumers, helping lenders negotiate with brokers while still complying with new regulations placed by the government upon lending to higher-risk borrowers. This enables them to provide added value to consumers in an underserved market segment, and generate an automatic audience for their 'brand' of financial services.

Reference

Searle, Jane. (2011, January 7). "Little battlers regroup to….....

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