Loans

Industry Information about Car Insurance
The loan brokers industry encompasses firms engaged in arranging loans between borrowers and lenders. These enterprises regularly earn a fee or charge for their services. The industry is controlled mainly by mortgage brokers, though loan agents also arrange various business, farm, and personal loans. The loan industry received little respect and hardly any attention before the 1980s, even though loan brokers have existed for centuries. Yet, in the early 1990s, several factors combined to propel the industry to unprecedented stature.

Recent Trends in Loans
In the early 2000s, the U.S. Department of Housing and Urban Development proposed several reforms to the Real Estate Settlement Procedures Act (RESPA). The reform is expected to affect the mortgage brokerage industry, if the reforms to RESPA are ratified, is the Guaranteed Mortgage Package (GMP), which obligates lenders to provide buyers a guaranteed price prior to receiving a purchase commitment. According to the November 2002 issue of Mortgage Banking, GMP represents an opportunity for mortgage brokers. The industry of loans in New York City remains prominent because of Industry leaders include Manhattan Mortgage Co., which secured more than $4 billion loan revenues in 2002. First Federal of Los Angeles, California describes mortgage broking to be the most stressful and proliferating category in the loan industry. More information on loans in Los Angeles can be found in the Los Angeles Business Journal.

Businesses in This Category
This category covers institutions primarily engaged in preparing and giving loans to others. These establishments operate mainly on a commission or fee basis and generally do not have an ongoing relationship with a lender or borrower.