Report Code: A06699 | Nov 2023 | Pages: NA | ||
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Request Now !Globally, the mortgage brokerage services market has experienced tremendous growth and is expected to maintain its dominance during the forecast period. A mortgage brokerage serves as an intermediary that connects mortgage buyers & lenders that are best suited to borrower's financial situation and exchange rates in the market. A broker also collects earnings, assets, employment supporting documents, credit reports, and other required details to evaluate the ability of a borrower to secure financing. Moreover, they are also responsible for necessary paperwork from a borrower and forward the same to mortgage lender for underwriting and mortgage approval. Generally, mortgage brokers are regulated to ensure that consumer jurisdiction complies with banking and finance laws.
Growth in preference of individuals to use brokerage services for mortgage lending and increase in awareness toward access to finance services are key drivers in the market. However, several government regulations and fluctuating interest rates hinder the market growth.
Furthermore, increase in demand for brokers in developing countries and implementation of newer technologies in mortgage brokerage software are expected to offer lucrative opportunities for the market.
The global mortgage brokerage services trends are as follows:
Developing countries in Asia are more inclined toward mortgage loans for home finance and the demand for mortgage brokers has increased in recent years. Mortgage loan growth in countries such as China, India, and South Korea has raised the growth in demand for convenient lending process. Countries such as Hong Kong faced a strong housing demand and led to significant higher mortgage loan growth rate of 8% in 2017. Similar trends are observed in India, Japan, and Singapore leading to lucrative opportunities for the market.
Many mortgage broking firms are adopting new technologies such as artificial intelligence (AI), chatbots, and big data to address their customer needs efficiently. Some brokers use customer service chatbots on websites that could field enquiries, reply frequent questions, and set appointments. For instance, Mojo Mortgages, a Fintech startup, uses chatbots to assist people on Facebook to address their mortgage broking needs in the market. More number of such advancements are expected to drive the market during the forecast period
Key benefits of the report:
Questions answered in the mortgage brokerage services market research report:
Mortgage Brokerage Services Market Report Highlights
Aspects | Details |
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Key Market Players | McKinsey & Company, KPMG, Deloitte Touche Tohmatsu Limited, RepoMax, RBK, PwC, International Cooperative, Liquidity Services Inc., Ogier, Ernst & Young Global Limited |
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