As mortgage lenders grapple with the effects of recent tightening of the Federal Reserve’s monetary policy, DataDigest has taken stock of which lenders have made the most impact in the purchase market. The results, as seen by their performance since the last rate hike have been mixed.
Some lenders have managed to navigate the rising markets and maintain their pre-rate hike market share, while other lenders have been forced to adjust their market strategies and whether they passed or failed the test of staying competitive, remains to be seen.
Notable Performers:
• Quicken Loans: Has managed to stay competitive and achieve market share growth despite rising rates.
• Wells Fargo: Managing to maintain its market share while the competition has seen declines.
• U.S Bank: Seeing a steep decline in market share, but the focus has been on other aspects to boost the bottom line.
Conclusion: As lenders navigate the volatile mortgage market, each lender has to its own take on the best way forward. Some lenders have been able to stay competitive, while others have had to adjust their sales and marketing strategies and wait to see the outcome. As such, mortgage lenders will have to watch the market and monitor their competition to keep up with the changing dynamics of the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/datadigest-the-winners-of-the-purchase-market/(subscription required)
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