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Since the 2008 housing bust and subsequent Great Financial Crisis (GFC), mortgage lending has steadily shifted away from big banks. In the years that followed—amid tighter regulations, higher capital requirements, and elevated litigation risk—many large banks, including Bank of America, JPMorgan Chase, and Wells Fargo, reduced their mortgage footprint. In that void, nonbank lenders, also known as independent mortgage banks (IMBs), such as Rocket Mortgage, United Wholesale........

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