MORTGAGE MARKET MONITOR 2017 (Apr 2017)

Decision Making and Application Process

Sources of Information and Advice; Education

Relationship Acquisition and Expansion

Major Competitive Lender Profile

Key Finding from the Report:

Findings from the Phoenix SYNERGISTICS 2016 Mortgage Market Monitor reveal that nearly six in ten homeowners report having a first mortgage. Incidence of first mortgages is found to be highly correlated with age, declining as age increases.

MM2 Prop Graphic

Research Description and methodology

The 2017 edition of the Mortgage Market Monitor is the second in this series and is being conducted to track and measure the many aspects of the consumer mortgage shopping and decision process.

National Online Survey – 2,000 total interviews with financial decision makers age 18+, with a particular focus on current homeowners and buyers entering the market.

Key Dates

January 27, 2017 – Charter fee/Intro pricing ends.

January 27, 2017 – Final acceptance of comments on questionnaire.

March 2017 – Initial results available.

April 2017 – Project Report available.

Strategic Objectives

  • Size the mortgage market and evaluate trends in a changing environment.
  • Examine the consumer decision making process and sources of information and advice regarding mortgages.
  • Identify strategies and key target markets for acquisition, expansion, and retention.
  • Determine provider selection factors and measure satisfaction with current and/or past mortgage loan providers.
  • Assess the impact of the housing and credit markets on consumer behavior.
  • Monitor the ongoing impact of refinancing.
  • Assess the competitive landscape – comparing major mortgage lenders.

Strategic Issues in the Mortgage Market

  • The 2016 inaugural edition of the Mortgage Market Monitor found a housing market that had stabilized and was in fact showing promising growth potential after many years of uncertainty.  This annual study is designed to assess and track trends related to the many elements of the consumer mortgage shopping and decision process – encompassing aspects such as product design, preferred information channels, the importance of pricing in relation to other features, and application and servicing channels.
  • Refinancing, almost always surprisingly active, continues to have some impact on the mortgage market.  Another important factor is the potential for rising interest rates in the near future and how this may affect consumers’ decisions.  Examining and evaluating the channel mix in the mortgage shopping, application, and servicing process is critical, particularly in terms of how newer channels relate and intersect with in-person or branch-based contact.
  • The 2017 Mortgage Market Monitor will assess the behavior and perceptions of a national internet survey of 2,000 consumers age 18+ – with a particular focus on current homeowners and buyers entering the market.