This is interesting: The number of employees at nonbank real-estate lenders has declined by 38% since the 2021 high, to ~180,000, near the lowest this century. In 2024, the top 3 mortgage lenders by number of originations were nonbanks. By comparison, after the 2006 housing bubble burst, nonbank mortgage lenders’ employment dropped 45%. The decline in mortgage lending employment was driven by existing home sales which dropped 34% last year compared to 2021. Additionally, mortgage applications are now down ~50% since the 2021 peak. Housing demand is historically weak.