According to HousingWire, Amazon is preparing to move into the mortgage space by seeking out a new head for that division. From HW:
Earlier this week, we reported to the LendingLife community that online shopping giant Amazon may be looking to get into the mortgage lending business, or at least that's the rumor among mortgage lending professionals.
While limited in scope, Amazon's plans are to start with offering checking programs first, then maybe move into the debt product space after.
Well, after reporting that, we’ve received information that Amazon is currently looking to hire someone to lead their newly-formed mortgage lending division.
Due to non-disclosure agreements, we probably shouldn’t reveal their identities. After all, with Amazon planning a move into mortgage lending, it’s best we work with them and not against them. Am I right?
We can say that if you look at the top 10 HMDA lenders and pick out the nonbanks, that’s where Amazon is recruiting their talent.
I, for one, welcome our Amazon overlords.