Roy Oppenheim was quoted in the following article, which was originally posted on Lawyers.com by author Michelle Bowman
You buy toilet paper and ammo there, so why not a home? Consumers are indicating they would trust Walmart and other non-banks with their mortgages, and some experts believe that’s not necessarily a bad thing.
While they seem mostly satisfied with the services of the big banks, “continued frustrations with current mortgage processes . . . could drive consumers to alternative home loan providers,” according to a recent survey by a consulting firm whose clients include some of the largest financial institutions in the world.
Survey Cites Mounting Frustrations
Carlisle & Gallagher Consulting Group (CG) surveyed over 600 U.S. consumers in a September 2012 online study and discovered the following:
- 80 percent of U.S. consumers would consider a mortgage from a non-bank
- 33 percent (1 in 3) would consider a mortgage from Walmart
- 48 percent would consider a mortgage from PayPal
The consultants said consumers cited frustrations over several issues with their current mortgage providers, including high interest rates, high payments, and taxes and escrow. Slow execution of the process, difficulty in communication, inability to track the status of their applications and untrustworthy advice were also mentioned.
Already in the Business
In order for Walmart to get into the mortgage business, the company would have to get licensed in each state where it wants to sell the products, says Roy Oppenheim, a founding partner of Oppenheim Law in Weston, Fla., which specializes in real estate, mortgages, and defending foreclosures.
“Walmart already has a bank,” Oppenheim notes. “They cash paychecks, issue debit cards. You can do your taxes there. Walmart is already into the banking industry.”