KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate
AP: c53ffa52-d520-407d-837e-9d44bc3a4b2e
Consumers shop for tablets at a Walmart Supercenter store in California. Can you imagine standing in a Walmart line to pay your mortgage? (AP Photo)

Wal-Mart? PayPal? Consumers would consider non-bank loan options

One in three consumers say they'd consider getting a mortgage from discount retailer Wal-Mart if they offered them, according to a study of 618 U.S. consumers conducted by Carlisle & Gallagher Consulting Group.

The company provides consulting services to some of the top U.S. mortgage originators.

Nearly half surveyed said they'd also consider a mortgage from PayPal, an online payment provider. Neither company offers mortgages.

The study is an indication that consumers are willing to try alternative lenders, said Doug Hautop, lending practice lead at Carlisle & Gallagher Consulting Group.

The screw tightens: Home loans tougher to get

Should banks feel threatened? Non-bank mortgage companies, such as Quicken Loans and Nationstar Mortgage Holdings Inc., have been gaining marketshare while some banks have tightened up their lending requirements.

Eighty percent of those surveyed said they'd consider a mortgage from a non-bank.

The main complaints from consumers in getting a mortgage: The high cost of getting a loan, slow execution of it, and poor communication with the lender, according to the study.

So are Wal-Mart and PayPal mortgages far-fetched? Neither company is commenting or announcing plans to get into the mortgage business. But retailers in the past have gotten into the mortgage business: In 2011, Costco Wholesale Corp. jumped into mortgage lending through select lenders.

You might also like:

FHA extends waiver through 2014
A holiday break: Lenders suspend foreclosure evictions
Listen: Tom Kelly hosts Real Estate Today

Tom Kelly, Real Estate Today
Tom Kelly has been a professional journalist for 36 years. He served The Seattle Times for 20 years, many as Real Estate Editor.
Top Stories

  • Trial Beginning
    Twelve Seattle police officers will begin using new body-worn cameras next week

  • Week in Photos
    Penguins, cheetahs and Santa make it in this week's photos
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.