Mortgage/Loan Brokers Market Size
|Fastest Growing Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Mortgage/Loan Brokers Market Analysis
The Mortgage/Loans Broker Market is valued at USD 260 billion in the current year and is expected to grow at a CAGR of 15% in the forecasted period.
A mortgage/loan broker is a specialist who serves as a point of contact between lenders who authorize loans and companies looking to borrow money. Brokers search for the finest financial rates and terms whether their customer wants to fund a loan or launch a new business. They bargain with lenders to secure loan approval or look into other options. A bank loan officer offers mortgage rates and programs from just one company. In contrast, a mortgage broker works on behalf of a borrower to locate the best lending programs and/or lowest rates offered by several lenders.
The Covid-19 epidemic had a detrimental effect on the expansion of the global loan brokers' business since fewer consumers were seeking loans during the COVID era, which caused many loan brokers to suffer significant losses. The impact of the COVID-19 epidemic explores how governments and major institutions are handling the issue and recuperating, as well as the immediate repercussions and ongoing difficulties lenders are facing. Institutions' actions can be categorized into one of three broad categories: preparing for recovery, controlling and stabilizing business risk, and responding to volume influxes.
Mortgage/Loan Brokers Industry Segmentation
A mortgage broker is a middleman who handles the mortgage loan application procedure on behalf of individuals or companies. In essence, they build connections between mortgage lenders and borrowers without investing any of their own money. The Global Mortgage/Loans Broker Market is segmented by Enterprise (Large, Small, and Medium-sized) by Application (Home Loans, Commercial and Industrial Loans, Vehicle Loans, Loans to Governments, and Others), by End- User (Businesses and Individuals), and by Geography (North America, Europe, Asia- Pacific, Latin - America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
|Commercial and Industrial Loans|
|Loans to Governments|
|End - User|
|Asia - Pacific|
|Middle- East & Africa|
Mortgage/Loan Brokers Market Trends
This section covers the major market trends shaping the Mortgage/Loan Brokers Market according to our research experts:
Digitization is changing the future of Mortgage
The ability for all parties to close on mortgages virtually, which enhances the consumer experience and returns on investment for lenders, is transforming the mortgage sector.
In the expanding housing market of today, mortgages are booming. Mortgage originations in the US housing market hit a record USD 4.4 trillion in 2021. That's a remarkable accomplishment, and 2022 appears to be a significant year for mortgage sales as well. There are other factors at play in the mortgage industry as well. Lenders are now paying attention as the mortgage process is significantly impacted by digital change. Beginning in March 2020, consumers' interactions with companies and one another will drastically change. The use of digital channels significantly increased after the pandemic. The epidemic accelerated the uptake of digital technologies by several years.
Customers were compelled to conduct business digitally because of online banking, remote employment, and online communication. The mortgage business was affected by this significant shift to digital, which marked the beginning of a digital transformation that isn't about to slow down. Several elements contribute to the rise in demand for an online mortgage procedure, in addition to the advantages that digital processes offer. The first is that the majority of people buying new homes now are millennials. These customers prefer a digital experience for everything from house searches to mortgage closings because they grew up with smartphones and laptops. Lenders must keep in mind that younger generations of consumers are more technologically aware than older generations of customers even if every generation has increased its use of digital platforms.
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Growth In The Housing Market Leads The Demand For Mortgage Brokers
It is a good moment to consider the achievements that the wholesale channel accomplished throughout 2020 despite the significant challenges provided by the digital revolution and the economic volatility brought on by the COVID-19 epidemic as the mortgage market climate changes. The housing market is still booming, but because of the high demand and short supply, every loan faces stiff competition. This is where the dynamic flexibility of the broker is useful. Due to the relationship-based customer services, variety of loan options, and technology resources they offer, the broker channel is well-positioned to succeed in the future and keep expanding its market share.
Being successful as a mortgage broker is difficult, but it's a goal worth pursuing. Brokers must constantly be able to respond to client concerns and be prepared to put the needs of the customer first, but they must also push the envelope because the competition is fierce. They must set up reliable procedures and processes, but they must also continue to grow and innovate. In other words, a combination of various different qualities will surely contribute to their success as a broker. These include the use of technology, interactions with the market and clients, as well as an openness to learning and development.
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Mortgage/Loan Brokers Industry Overview
The main foreign competitors in the US mortgage/loan broker business are covered in the research. Loan brokers face intense competition since they depend on their relationships with the best real estate agents and lenders in the communities they cover. The following list includes some of the key market participants.
Mortgage/Loan Brokers Market Leaders
Bank Of America
Royal Bank of Canada
Truist Financial Corporation
Mitsubishi UFJ Financial Group
*Disclaimer: Major Players sorted in no particular order
Mortgage/Loan Brokers Market News
- In November 2022, Following the acquisition of Exane by the largest lender in the eurozone last year, BNP Paribas is extending its operation in the United States.
- In August 2022, For first-time homebuyers, Bank of America introduced a new mortgage option that includes a bank-provided down payment and no closing expenses. In specific Black/African American and/or Hispanic-Latino areas in Charlotte, Dallas, Detroit, Los Angeles, and Miami, the Community Affordable Loan Solution is offered in designated markets. In order to help qualified individuals and families buy a home, the Community Affordable Loan SolutionTM was created.
Mortgage/Loan Brokers Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping Mortgage Broker Market
4.5 Insights on the impact of technology and innovation in Operation in Mortgage Broker Market
4.6 Insights on Performance of Asset Managers
4.7 Industry Attractiveness - Porters' Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1.3 Medium- sized
5.2.1 Home Loans
5.2.2 Commercial and Industrial Loans
5.2.3 Vehicle Loans
5.2.4 Loans to Governments
5.3 End - User
5.4.1 North America
5.4.3 Asia - Pacific
5.4.4 Middle- East & Africa
5.4.5 South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration & Overview
6.2 Company Profiles
6.2.1 Bank of America
6.2.2 Royal Bank of Canada
6.2.3 BNP Paribas
6.2.4 Truist Financial Corporation
6.2.5 Mitsubishi UFJ Financial Group
6.2.6 PT Bank Central Asia Tbk
6.2.7 Qatar National Bank
6.2.8 Standard Chartered PLC
6.2.9 China Zheshang Bank
6.2.10 Federal National Mortgage Association (FNMA)*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Mortgage/Loan Brokers Market Research FAQs
What is the study period of this market?
The Mortgage/Loan Brokers Market is studied from 2019 - 2028.
What is the growth rate of Mortgage/Loan Brokers Market?
The Mortgage/Loan Brokers Market is growing at a CAGR of 15% over the next 5 years.
Which region has highest growth rate in Mortgage/Loan Brokers Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Mortgage/Loan Brokers Market?
Asia-Pacific holds highest share in 2022.
Who are the key players in Mortgage/Loan Brokers Market?
Bank Of America, Royal Bank of Canada, BNP Paribas, Truist Financial Corporation, Mitsubishi UFJ Financial Group are the major companies operating in Mortgage/Loan Brokers Market.
Mortgage/Loan Brokers Industry Report
Statistics for the 2023 Mortgage/Loan Brokers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mortgage/Loan Brokers analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.