North America Mortgage/Loan Brokers Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

North America Mortgage/Loan Brokers Market Analysis

North America Mortgage/Loan Brokers Market has generated a revenue of USD 48 Billion in the current year and is poised to achieve a CAGR of 5% for the forecast period.

A loan/mortgage broker is a specialist who serves as a point of contact between lenders who authorize loans and companies looking to borrow money. Brokers search for the finest financial rates and terms whether their customer wants to fund a loan or launch a new business. They bargain with lenders to secure loan approval or look into other options. A bank loan officer offers mortgage rates and programs from just one company. In contrast, a mortgage broker works on behalf of a borrower to locate the best lending programs and/or lowest rates offered by several lenders.

The COVID-19 pandemic's effects on the financial services industry, personal wealth, and debt levels are getting worse. Mortgage debt is the biggest source of debt for individual homeowners, and it has the biggest impact on their finances and capacity to maintain their standard of living in the event of pay reductions or wage loss. Because mortgages are frequently the largest asset in lenders' retail banking portfolios, changes in mortgage originations, repayment plans, and default rates will considerably impact the lenders' profitability and liquidity.

The primary activity of the loan brokers sector is the facilitation of loans between lenders and borrowers. Brokers provide services to corporations and consumers, with most of their business being in the mortgage brokering sector. Historically, the sector has expanded alongside the US economy, despite uncertainty during the 2008 housing crisis. In more recent years, rising consumer confidence and attractive lending rates have benefited the loan brokers sector. The housing market's increased activity further indicates rising consumer demand. Over the five years leading up to 2022, the loan brokers market is anticipated to grow as consumer incomes and credit availability both rise. Over the past five years, consumer spending has been boosted by favorable economic conditions and low-interest rates, and demand for mortgages and auto loans has increased as a result of home and car purchases. Demand for loan brokering services is anticipated to expand as household spending on expensive things rises.

North America Mortgage/Loan Brokers Market Trends

This section covers the major market trends shaping the North America Mortgage/Loan Brokers Market according to our research experts:

Increase in Digitization in Lending and Blockchain Technology is driving the market

North America Mortgage/Loan Brokers Industry Segmentation

A mortgage broker is a middleman who handles the mortgage loan application procedure on behalf of individuals or companies. In essence, they build connections between mortgage lenders and borrowers without investing any of their own money. The North America Mortgage/Loans Broker Market is segmented by Enterprise (Large, Small, and Medium-sized), by Application (Home Loans, Commercial and Industrial Loans, Vehicle Loans, Loans to Governments, and Others), by End- User (Businesses and Individuals) and by Geography (United States and Canada).