United States Mortgage/Loan Brokers Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 5.4% from 2023 to 2033
• The U.S. Mortgage/Loan Brokers Market Size is Expected to Hold a Significant Share by 2033

The United States Mortgage/Loan Brokers Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 5.4% from 2023 to 2033.

The growing demand for auto loans and digitalization are driving the growth of the mortgage/loan brokers market in the United States.     

Market Overview

Mortgage/Loan Brokers are an intermediary who assists individuals or companies with the mortgage loan application process, building connections between mortgage lenders and borrowers without taking personal financial investment. They look for the best financial conditions and rates and explore other possibilities or negotiate with lenders to get approval. Low lending rates and growing customer confidence have benefited the loan broker sector. The heightened activity in the housing market serves as another indicator of growing consumer demand. Technology advancements have raised consumer expectations for home loans that result is a more competitive corporate environment.  Thus, mortgage lenders are utilizing application programming interfaces (API) to transform business procedures. The eligibility requirements for borrowers under Freddie Mac and Fannie Mae's RefiNow and RefiPossible programs have been expanded by the Federal Housing Finance Agency (FHFA). This would lead to an increase in the volume of mortgage refinances.

Report Coverage

This research report categorizes the market for the US mortgage/loan brokers market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the mortgage/loan brokers market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the mortgage/loan brokers market.

Driving Factors

The increasing demand for auto loans to buy homes and cards among the people surges the need for mortgages resulting in driving the market demand. Additionally, the need for loan brokering services is likely to grow as people spend more money on expensive things which leads to drive the US mortgage/loan brokers market. Further, the introduction of digitalization has enhanced customer services and allowed better access to a large number of lenders with less time and effort. Thus, the increasing convenience for loan brokerage is driving the market growth.

Restraining Factors

The higher interest rate on mortgage loans and additional costs are restraining the US mortgage/loan brokers market.

Market Segmentation

The United States mortgage/loan brokers market share is classified into component and application.

• The products segment is anticipated to witness the fastest CAGR growth during the forecast period.

The United States mortgage/loan brokers market is segmented by component into products and services. Among these, the products segment is anticipated to witness the fastest CAGR growth during the forecast period. Loan brokers provide products that can be set up to provide client-specific evaluation of the risk and return features and assist in matching loan options to a client’s capacity for loss. The increasing digitalization and technological advancements are driving the market growth of mortgage/ loan brokers products.

• The home loans segment dominates the market with the largest market share during the forecast period.

The United States mortgage/loan brokers market is segmented by application into home loans, commercial & industrial loans, vehicle loans, loans to governments, and others. Among these, the home loans segment dominates the market with the largest market share during the forecast period. For many people and families, a home is the top priority, which motivates them to save money for a down payment or meet mortgage eligibility requirements. The rising demand for residential property for homes is fueling the market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US mortgage/loan brokers market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Wells Fargo
• Quicken Loans
• Bank of America
• Fairway Independent Mortgage
• J P Morgan
• United Shore Financial Services
• Morgan Stanley
• Chase
• US Bankcorp
• Caliber Home Loans
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In November 2022, loanDepot, Inc., one of the nation's largest non-bank retail mortgage lenders, introduced an innovative digital home equity line of credit (HELOC).

• In October 2022, PennyMac Financial Services, Inc. announced the launch of POWER+ by Pennymac TPO, its next generation broker technology platform. Brokers would have more speed and control over the mortgage process to deliver an exceptional experience to their customers and referral partners.

Market Segment

This study forecasts revenue at United States, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Mortgage/Loan Brokers Market based on the below-mentioned segments:

United States Mortgage/Loan Brokers Market, By Component

• Products
• Services

United States Mortgage/Loan Brokers Market, By Application

• Home Loans
• Commercial & Industrial Loans
• Vehicle Loans
• Loans to Governments
• Others