Mortgage Brokerage Services Market 2020 - 2030: Future Business Experts Ideas by HDFL, Flagstar Bank, United Wholesale Mortgage, Mortgage Choice Limited, Freedom Mortgage Co, The Bank of America, Wells Fargo, JPMorgan Chase Bank, Caliber Home Loans, Penny

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.

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Growth in mortgage lending industry in Asia-Pacific:
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.

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New technological advancements to flourish 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

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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.

Major players analyzed include Housing Development Finance Corporation Limited, Flagstar Bank, United Wholesale Mortgage, LLC, Mortgage Choice Limited, Freedom Mortgage Corporation, The Bank of America Corporation, Wells Fargo & Company, JPMorgan Chase Bank, Caliber Home Loans, Inc., PennyMac Loan Services, LLC

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