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DUBLIN--(BUSINESS WIRE)--Dec 6, 2022--
The "Mortgage Lending Market By Type of Mortgage Loan, By Mortgage Loan Terms, By Interest Rate, By Provider: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the mortgage lending market was valued at $11,487.23 billion in 2021, and is estimated to reach $27,509.24 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
A mortgage loan, often known as a mortgage, is a loan utilized by either real estate buyers or current property owners to acquire money for any purpose while enforcing a lien on the real estate being mortgaged. In addition, a mortgage is a loan provided by a bank or other financial organization to aid in the purchase of a house. The actual house is the mortgage's collateral. In other words, if the borrower stops paying the lender on a regular basis and defaults on the loan, the lender can sell the house to recuperate its losses.
To speed up and simplify the front-to-back-end mortgage application process for customers, the mortgage sector has been steadily implementing technology. In addition, the availability of mortgage services on smartphones applications for underwriting processes is boosting the growth of the market.
However, higher interest rates on mortgages loans and higher fees for mortgage broker are some of the factors that hamper the market growth. On the contrary, adoption of APIs and open banking in mortgage lending industry is expected to boost the market growth in upcoming years. Moreover, increasing implementation of artificial intelligence (AI) and machine learning (ML) for automation of underwriting and application processes is anticipated to create lucrative opportunities for the market to grow in future.
Key Benefits
Key Market Segments
By Type of Mortgage Loan
By Mortgage Loan Terms
By Interest Rate
By Provider
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/lipy2k
View source version on businesswire.com:https://www.businesswire.com/news/home/20221206005919/en/
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KEYWORD:
INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/06/2022 12:48 PM/DISC: 12/06/2022 12:48 PM
http://www.businesswire.com/news/home/20221206005919/en