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Mortgage Brokerage Services Market Set to Reach $166.86 Billion by 2029 with 10.2% Yearly Growth
Mortgage Brokerage Services Market Forecast
In the past years, the market size of mortgage brokerage services has seen quick expansion. The market is expected to enhance from $102.55 billion in 2024 to $113.26 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.5%. Contributing factors to the growth during the historic period include variations in interest rates, housing market developments, adjustments in regulations, economic expansion, and trends in consumer demands.
The market size for mortgage brokerage services is slated for a swift expansion in the coming years, growing to $166.86 billion by 2029 with a compound annual growth rate (CAGR) of 10.2%. The escalation during the forecasted period can be credited to factors like increased demand for housing, urbanization, advantageous low-interest rates, government incentives, and a rise in disposable income. In the same forecast period, the market will be moulded by key trends such as AI-assisted mortgage processing, blockchain technology for safe transactions, automated underwriting systems, virtual property visitations, and enhanced data analytics to gain customer insights.
What Factors Are Fueling Growth in the Mortgage Brokerage Services Market?
The surge in the need for customized financial assistance is projected to foster the expansion of the mortgage brokerage services market. Customized financial assistance entails financial strategies and measures tailored to a thorough comprehension of an individual's financial requirements and objectives. The rates for individualized financial advice are escalating due to numerous contributing influences such as interest rates, inflation, economic development, increased market complexity, and developments in technology. Mortgage brokerage services serve as a link between borrowers and lenders, offering bespoke advice dependent on individual financial circumstances and long-term ambitions. For example, as per the U.S. Bureau of Labor Statistics in April 2024, a US government entity, the count of employed personal financial advisors is predicted to surge by 13%, from 327,600 in 2022 to 42,000 in 2032, noticeably surpassing the usual growth rate for all jobs. Consequently, the burgeoning demand for customized financial assistance is stimulating the mortgage services brokerage market.
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Who Are the Dominant Companies Influencing Mortgage Brokerage Services Market Trends?
Major companies operating in the mortgage brokerage services market are JPMorgan Chase & Co, Federal National Mortgage Association, Wells Fargo Bank N.A., Fairway Independent Mortgage Corporation, Rocket Mortgage, Homebridge Financial Services Inc, Mr. Cooper Group Inc, PennyMac Financial Services Inc, Guild Mortgage Company, Caliber Home Loans Inc, Movement Mortgage LLC, American Pacific Mortgage Corporation, LendingTree Inc, PrimeLending A PlainsCapital Company, Loan Factory Inc, Union Home Mortgage Corp, CitiMortgage Inc, Morty Inc, A-M-S Mortgage Services Inc, Counsel Mortgage Group LLC, New American Funding Inc, Sierra Pacific Mortgage Company Inc.
How Is the Mortgage Brokerage Services Market Evolving?
Leading firms in the mortgage brokerage services market are focusing on creating novel services, such as brokerage as a service (BAAS), to improve their product range and align with evolving market requirements. Brokerage as a service (BAAS) is a modern and cutting edge solution that empowers businesses, especially within the financial industry, to delegate their brokerage operations to a third party. This scheme provides companies with the means to use a third-party provider's infrastructure and innovation, allowing them to deliver brokerage services without the stress of controlling their own brokerage systems. For example, in November 2023, GPARENCY, a commercial mortgage broker company based in the US, introduced its pioneering Brokerage as a Service (BaaS) department with the goal of revolutionizing the commercial real estate sector. This fresh department aims to attract beginner and seasoned mortgage brokers alike by providing a competitive commission setup and flexible pricing options for customers.
What Are the Different Segmentations in the Mortgage Brokerage Services Market?
The mortgage brokerage services market covered in this report is segmented -
1) By Interest Rate: Fixed Rate, Floating Rate
2) By Distribution Channel: Online, Offline
3) By Application: Residential Property Loans, Commercial Property Loans
4) By End User: Individuals, Businesses
Subsegments:
1) By Fixed Rate: 15-Year Fixed Rate, 30-Year Fixed Rate, Other Fixed Rate Terms
2) By Floating Rate: 1-Year Floating Rate, 3-Year Floating Rate, 5-Year Floating Rate, Other Floating Rate Terms
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Which Region Is at the Forefront of the Mortgage Brokerage Services Market?
North America was the largest region in the mortgage brokerage services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mortgage brokerage services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Mortgage Brokerage Services Global Market Report?
- Market Size Analysis: Analyze the Mortgage Brokerage Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Mortgage Brokerage Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Mortgage Brokerage Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Mortgage Brokerage Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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