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        Mortgage Banking Industry Profile

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        Excerpt from Mortgage Banking Industry Profile

        Companies in this industry lend money with real estate as collateral. Major companies based in the US include units of Bank of America, JPMorgan Chase, Quicken Loans, and Wells Fargo; other major companies include units of Barclays (UK), BNP Paribas (France), Deutsche Bank, Nationwide Building Society (UK), and Postbank (Germany).

        The 30-year mortgage rate is expected to average 3.075% in 2021, down from 3.125% in 2020, according to an average of forecasts from Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association. The use of mortgages to buy homes is most common in wealthy, developed countries where consumer income is healthy and legal and regulatory infrastructure is well established. Mortgage practices and rules vary. In many countries the government helps people buy houses through beneficial tax policies, but few governments purchase mortgages to provide security, as the US does.

        The US mortgage banking industry includes about 15,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $91 billion.

        COMPETITIVE LANDSCAPE

        Demand for mortgage services is driven by home sales and the refinancing that occurs when mortgage rates are low. The profitability of individual companies depends on volume, interest rate spreads, and efficient operations. Large companies have big economies of scale in operations. Small companies compete successfully by funneling mortgages to the large companies. The US industry is concentrated: the eight largest companies ...

         
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