After a tumultuous 2022, the mortgage industry enters the new year with question marks about what's in store. Industry experts have signaled that the market will be challenging for a good part of the year, likely meaning reduced profit and more job cuts. Mortgage companies and the businesses who work with them appear to be eyeing 2023 as a period of weathering the storm, rather than making big plans.
But it doesn't mean the industry isn't thinking ahead. Technology is changing how business works today, and mortgage companies recognize the need to keep up. That means making smart investments, regardless of market conditions. With home sales slowing, many professionals working in housing and mortgage industries also see opportunities in affordable housing initiatives.
This study from Arizent, parent company of National Mortgage News, explores what mortgage industry professionals see coming in 2023 on topics, such as the economy, technology, policy and competitors.
Key findings include:
- Macroeconomic headwinds are weighing on mortgage companies, leading many of their leaders to expect business contraction. But some still see opportunities to grow.
- Professionals at technology companies are more likely than their lending counterparts to be optimistic about the state of their businesses and the overall economy.
- Housing affordability is rising in importance among mortgage professionals, and a large number of them hope for progress on a policy level in addressing it.
- Many in mortgage still regard online real estate companies and one-stop home buying as a threat, even though industry headwinds present are also challenging them.