Mortgage Brokerage Services Market Report 2024

This Mortgage Brokerage Services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The mortgage brokerage services market size has grown rapidly in recent years. It will grow from $93.09 billion in 2023 to $102.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to interest rate fluctuations, housing market trends, regulatory changes, economic expansion, and shifts in consumer demand.

The mortgage brokerage services market size is expected to see rapid growth in the next few years. It will grow to $151.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to rising housing demand, increasing urbanization, low-interest rates, government incentives, and growing disposable income. Major trends expected during this period include AI-driven mortgage processing, the use of blockchain for secure transactions, automated underwriting systems, virtual property tours, and advanced data analytics for customer insights.

The increasing demand for personalized financial guidance is expected to drive growth in the mortgage brokerage services market. Personalized financial guidance involves creating financial strategies and solutions tailored to an individual’s specific financial needs and goals. The rise in personalized financial guidance is influenced by various factors, including interest rates, inflation, economic growth, market complexity, and technological advancements. Mortgage brokerage services serve as intermediaries between borrowers and lenders, offering customized advice based on personal financial situations and long-term objectives. For example, the U.S. Bureau of Labor Statistics reported in April 2024 that employment for personal financial advisors is projected to grow by 13%, from 327,600 in 2022 to 42,000 by 2032, which is significantly faster than the average growth rate for all occupations. Thus, the increasing demand for personalized financial guidance is fueling the growth of the mortgage brokerage services market.

Leading companies in the mortgage brokerage services market are developing innovative offerings, such as brokerage as a service (BAAS), to enhance their services and meet evolving market needs. Brokerage as a service (BAAS) is a modern solution that allows businesses, particularly in the financial sector, to outsource their brokerage operations. This model provides companies with access to a third-party provider’s infrastructure and technology, enabling them to offer brokerage services without managing their own brokerage systems. For instance, in November 2023, GPARENCY, a US-based commercial mortgage broker, launched a new Brokerage as a Service (BaaS) division. This division aims to revolutionize the commercial real estate sector by attracting both new and experienced mortgage brokers with a competitive commission structure and flexible fee options for clients.

In April 2023, RESAAS Services Inc., a Canada-based network of real estate professionals, teamed up with Rocket Mortgage Canada to improve the real estate transaction process. This partnership provides real estate agents with access to a streamlined mortgage process, allowing them to quickly pre-qualify clients for optimal mortgage products and competitive rates, thus enhancing the value they offer. Rocket Mortgage Canada is a provider of mortgage brokerage services based in Canada.

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.

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.

The countries covered in the mortgage brokerage services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mortgage brokerage services involve intermediaries known as mortgage brokers who connect borrowers seeking mortgage loans with lenders. These services play a crucial role in the real estate financing process by facilitating the entire loan application and approval process without using their own funds.

The main types of interest rates in mortgage brokerage services are fixed rates and floating rates. A fixed rate remains constant throughout the duration of the loan, while a floating rate can vary based on market conditions. Distribution channels for these services include both online and offline platforms. Applications encompass residential property loans and commercial property loans, serving a range of end users such as individuals and businesses.

The mortgage brokerage services market research report is one of a series of new reports that provides mortgage brokerage services market statistics, including mortgage brokerage services industry global market size, regional shares, competitors with an mortgage brokerage services market share, detailed mortgage brokerage services market segments, market trends, and opportunities, and any further data you may need to thrive in the mortgage brokerage services industry. This mortgage brokerage services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mortgage brokerage services market includes revenues earned by entities by providing services such as evaluating borrowers' financial status, locating loan products, negotiating terms, guiding through the application process, compiling documentation, ensuring requirements are met, and offering tailored mortgage advice. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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