III. Industry Analysis
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One of the biggest issues of today is the lack of affordable housing. Many people are eager to buy a home, but can’t due to rising housing costs. Since incomes have hardly risen to meet these increased prices, very few people can afford to buy their dream home.
As such, many people are struggling to find mortgages and turn to loan officers for help. Loan officers bring considerable expertise and knowledge to the table to help their clients navigate the mortgage process. They can refer particular loans and lenders based on their clients’ credit history and increase their chances of getting approved.
Loan officers who have the greatest chance of success in the market will create a hybrid process that integrates both technology and the human touch. Many millennials and young adults prefer to use technology throughout the mortgage process. However, since they are consulting a loan officer, they will want to talk to a human at some point to discuss this important decision.
According to Allied Market Research, the mortgage industry is expected to grow at a CAGR of 9.5% from now until 2031. This is an incredible opportunity for loan officers. The demand for mortgages will continue to grow, meaning that loan officers have a great chance of running a successful business and earning large commissions.
