The Gross advances of the Residential Mortgages industry in United States of America, attained a value of USD 2,309,438.80 in 2023
The indicator recorded a historical decline (CAGR) of 15% between 2020 and 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Market size for Residential Mortgages (Gross Advances), United States of America recorded a high-double-digit YoY growth in 2020
Market size for Residential Mortgages in United States of America recorded a significant growth between 2018-2020.
The degree of rivalry in the US retail lending market is strong. Large banks must compete with each other to attract borrowers but also face increasing competition from nonbank financial service providers which have increased market share in recent years. The emergence of financial technology has created new ways of differentiating lending products which has facilitated competition in recent years. Furthermore, the coronavirus pandemic has caused great economic uncertainty in the US in 2020. Mortgage rates have increased to deter new mortgage lenders while lending behavior slows as a result of lower disposable income caused by the closure of businesses. This has created difficult conditions for lenders which is likely to result in market consolidation.
The large size of the US retail lending market diminishes the buying power of individual customers, as the impact of losing one customer is not overly significant. Furthermore, the constant demand for housing and mortgages creates a large number of customers available to key players. However, a large number of financial institutions with competitive interest rates help increase the power of consumers who are free to choose who provides their loan or mortgage.
Competitive Landscape
The US retail lending market is populated by a large number of financial institutions with the leading players consisting of the country’s largest retail banks such as Wells Fargo, JPMorgan Chase and the Bank of America as well as specialized home loan companies including Quicken loans and United Wholesale Mortgage.
JPMorgan Chase & Co (JPMC or 'the company') is a financial services firm. The company offers various services, such as cash management, payment solutions, wealth management & brokerage residential mortgages, home equity loans, treasury services, investment products and services and financing to real estate investors and owners. The company also offers liquidity and investment services, securities lending, merchant services and auto and home lending among others. JPMC provides these services to consumers, small businesses, corporate, institutional and government clients. The company has business presence in the Americas, Europe, the Middle East and Africa and Asia Pacific. The company is headquartered in New York City, New York, the US.
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