Mortgage Market Share By Age Range: What Does The Data
Show?
Credit
unions excel in open-ended mortgage lending but lose their share of this niche
market as borrowers age.
Recently released mortgage data —
courtesy of the Home Mortgage Disclosure Act (HMDA) — is a gold mine of
insights on industry trends. Callahan & Associates has already written
about the relationship-based, open-ended loans
now included in the 2018 release and discussed how these loans more accurately
reflect how credit unions are assisting their member-borrowers.
Readers are also likely to be
interested in the results of another new, long-desired dataset: Market share
across age ranges.
These trends can help highlight what
attracts — and what repels — different generations, allowing credit unions to
devise strategies to appeal to a new, young, or up-and-coming membership base.
INSTITUTIONAL
MARKET SHARE BY AGE RANGE
FOR
U.S. MORTGAGE LENDERS | DATA AS OF 12.31.18
|
Age
|
<25
|
25-34
|
35-44
|
45-54
|
55-64
|
65-74
|
75+
|
Totals
|
|
Totals
($000's)
|
$36,923,380
|
$363,349,635
|
$462,654,783
|
$395,149,835
|
$279,603,735
|
$144,705,820
|
$43,922,895
|
$1,726,310,083
|
|
Credit
Unions
|
7.7%
|
7.4%
|
7.7%
|
8.4%
|
8.9%
|
8.0%
|
6.8%
|
8.0%
|
|
Banks
|
32.0%
|
38.0%
|
43.5%
|
45.9%
|
48.9%
|
50.3%
|
51.6%
|
44.3%
|
|
HUD
|
60.3%
|
54.6%
|
48.8%
|
45.7%
|
42.2%
|
41.7%
|
41.6%
|
47.7%
|
Consistency
is key for credit unions. They hold a larger market share
Consistency
is key for credit unions. They hold a larger market share
Consistency
is key for credit unions. They hold a larger market share among older borrowers but need to look for ways to build
relationships, and market share, among younger ones.
Credit unions hold an average market
share of 8.0% for all borrowers (institutional borrowers have been excluded for
the purpose of this data examination). Of note, cooperatives are the only
lenders to hold------Read more: Mortgage Market Share By Age Range: What Does The Data
Show? | Credit Unions http://www.creditunions.com/blogs/industry-insights/mortgage-market-share-by-age-range-what-does-the-data-show/#ixzz635Jq9BSQ
