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Phoenix Synergistics: 2018 Mortgage Market Monitor

Apr 2018 | Decision Making and Application Process | Sources of Information and Advice; Education | Relationship Acquisition and Expansion | Major Competitive Lender Profile
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  • The 2016 inaugural edition of the Mortgage Market Monitor found a housing market that had stabilized and was in fact showing promising growth potential after many years of uncertainty.  As 2018 unfolds, the mortgage market could be impacted by a number of developments.  Recently passed tax reform legislation may affect the consumer viewpoint on mortgages.  Another important factor is the potential for rising interest rates and how this may affect consumers’ decisions.
  • This annual study is designed to assess and track trends related to the many elements of the consumer mortgage shopping and decision process – encompassing aspects such as product design, preferred information channels, the importance of pricing in relation to other features, and application and servicing channels. Examining and evaluating the channel mix in the mortgage shopping, application, and servicing process is critical, particularly in terms of how newer channels relate to and intersect with in-person or branch-based contact.
  • The 2018 Mortgage Market Monitor will assess the behavior and perceptions of a national internet survey of 2,000 consumers age 18+ – with a particular focus on current homeowners and buyers entering the market.

Contact Mark Sutin at mark.sutin@phoenixmi.com or 609-261-6332 to learn more about individual pricing and our discounted subscription offerings.

Objectives

  • Size the mortgage market and evaluate trends in a changing environment.
  • Examine the consumer decision making process and sources of information and advice regarding mortgages.
  • Identify strategies and key target markets for acquisition, expansion, and retention.
  • Determine provider selection factors and measure satisfaction with current and/or past mortgage loan providers.
  • Assess the impact of the housing and credit markets on consumer behavior.
  • Monitor the ongoing impact of refinancing.
  • Assess the competitive landscape – comparing major mortgage lenders.

Methodology

National Internet Survey – The survey will include 2,000 total interviews with financial decision makers age 18+, with a particular focus on current homeowners and buyers entering the market.

 

Finding from the Phoenix Synergistics Study

Demand for quick mortgage approval within one week is increasing. A significant minority (41%) would expect to know within one week or less – widening from 2017 (30%).

 

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