Household Lending Global Market Report 2023
Major players in the household lending market are Bank of America Corporation, JPMorgan Chase and Co., Pentagon Federal Credit Union, Discover Bank, Member FDIC, LoanDepot, Spring EQ, A and A Dukaan Financial Services Private Limited, ABC Finance Limited, Australia and New Zealand Banking Group Limited, Barclays PLC.
New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Household Lending Global Market Report 2023" - https://www.reportlinker.com/p04590164/?utm_source=GNW
, Citizens Commerce Bancshares Inc., Commonwealth Bank of Australia, Flagstar Bancorp Inc., HSBC Holdings PLC., Morgan Stanley, Navy Federal Credit Union, Roostify, and Royal Bank of Canada.
The global household lending market is expected to grow from $4,048.14 billion in 2022 to $4,520.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The household lending market is expected to reach $6,798.66 billion in 2027 at a CAGR of 10.7%.
The household lending market includes revenues earned by entities by providing conventional loans, secured and unsecured loans, and open-end and closed-end loans to borrowers for household lending.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Household lending refers the act of loaning money to purchase a home or household.The debtor pays back the borrowed funds and interest according to the loan repayment plan.
Household lending can aid in raising the budget for a home purchase using the loan amount provided.
North America was the largest region in the household lending market in 2022. The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of household lending are fixed-rate loans and home equity lines of credit, which are provided by banks, online lenders, credit unions, and others.A fixed-rate loan is one in which the interest rate is fixed throughout the loan or only a portion of it.
Various sources included are mortgage and credit unions, commercial banks, and others. The main types of interest rate are fixed-rate mortgage loans and adjustable-rate mortgage loans.
The huge spike in housing costs is expected to propel the growth of the household lending market in the coming future.Housing costs is rent and mortgage costs (principal repayment and mortgage interest); or a measure that is more inclusive and takes into account the costs of obligatory services and charges, routine maintenance and repairs, taxes, and utility bills.
The increased housing costs limit an individual’s capacity to buy a house by full cash payment and motivate them to apply for a loan.So, the increasing housing costs is boosting the household lending market.
For instance, in November 2022, according to the Federal Housing Finance Agency, a US-based autonomous federal body established as the Federal Housing Finance Board’s regulatory substitute, in the United States between the third quarters of 2021 and 2022, the price of homes increased by 12.4%. In contrast to the second quarter of 2022, home prices increased by 0.1 percent. Therefore, the huge spike in housing costs is driving the household lending market.
Technological advancements are the key trends gaining popularity in the household lending market.Major companies operating in the household lending market are focused on developing innovative technologies to strengthen their position in the market.
For instance, in October 2021, Roostify, a US-based developer of a digital lending platform for home loans, launched the ’first of many’ APIs (application programming interface) on its existing lending platform developed to automate data extraction from documents and document validation in the financing process.Roostify Document Intelligence (RDI) Service, the company’s newest technology, will employ AI (artificial intelligence) to identify, validate, and extract data from documents connected to mortgages.
Users can receive automatic feedback from the technology when they upload documents that are wrong or ineligible, and errors can be flagged before it cause a data input problem. As an API, this one may be integrated into any step of the lending process and serve a wide range of use cases that can take advantage of the automated identification and extraction of data from the mortgage document collection.
In March 2023, Barclays PLC, a UK-based multinational bank, acquired Kensington Mortgage Company Limited for an undisclosed amount.Through the acquisition, Barclays enhanced its current mortgage product portfolio by integrating a better-specialized mortgage lender with a solid reputation in the UK market, further strengthening its product capabilities, and aligning with Barclays’ strategic aim of delivering next-generation, digital consumer financial services.
Kensington Mortgage Company Limited is a UK-based mortgage lender for first-time purchasers, self-employed people, contractors, and others.
The countries covered in the household lending market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The household lending market research report is one of a series of new reports that provides household lending market statistics, including household lending industry global market size, regional shares, competitors with a household lending market share, detailed household lending market segments, market trends and opportunities, and any further data you may need to thrive in the household lending industry. This household lending market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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