With bigger banks dealing with legacy issues from the housing crisis, smaller lenders are emerging as formidable competitors, staking their reputation on customer service, the New York Times’ Lisa Prevost reports.

Just five of 2006’s top 20 mortgage lenders are still in business today, a December report from Fannie Mae shows. In the first half of 2013, the top 10 mortgage lenders captured only 60 percent of the market, down from 80 percent in 2010.

Up-and-coming newcomers include First Choice Loan Services, Loan Depot and Quicken Loans. Source: New York Times.

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