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Online Competition Changes the Mortgage Industry, Business and Industry Trends Analysis

The internet has created a much more competitive landscape for home mortgages. Sites such as LendingTree, Better.com and Quicken Loans offer low origination fees and make it simple to complete applications online, while the internet itself makes it much simpler for consumers to compare interest rates and mortgage options. At Bank of America’s user-friendly web site, prospective borrowers can apply online, view a breakdown of proposed fees, compare mortgage options and check the status of a loan in progress. By 2020, non-bank lenders issued 68.1% of all U.S. home mortgages.

Mortgage competition online is really part of a much larger, global trend: fierce competition among financial services providers of all types. Firms throughout the consumer finance sector, from banks to insurance companies to stock brokerages, are fiercely battling to attract, retain and cross-market new services to consumers.

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