Shake-out predicted for B and C lenders

Real Estate Weekly, Feb 4, 1998

Technology is Key to Success

"More than ever, we expect those companies with the most well-developed technology--especially those with advanced internal systems--to succeed," says Cooper, whose company recently made its most significant investment in both internal and external systems. "Next year will be the one in which companies focus on using the Internet not only as a tool for originations, but also for internal and external communication."

In taking a close look at the upcoming year for sub-prime lenders, Cooper sees turmoil that will result in an ultimately stronger industry. "Next year will he one of rapid growth and shake outs throughout industry. There will be problems up and down the food chain," he says. "It will lead to bigger and more diversified companies flourishing. On the other hand, I foresee a difficult year for the smaller lenders. In any case, it will definitely be a year none of us forgets."

For the past 30 years, Fairbank Mortgage has specialized in helping borrowers who require alternative homeowner financing. The company provides a wide array of mortgage programs in 27 states throughout the Northeast, South and Midwest. In New York and South Carolina they do business as Colony Mortgage. Fairbank continues to expand throughout the Midwest and South. For more information about the non-conforming industry, call (800) 705-7293.