Cultural Influences on Market Drivers
America's consumer culture significantly influences the mortgage marketplace.
- Purchase business
- Labor market is less regulated
- High geographic mobility
- Relocation from region to region is not uncommon
- Homes are viewed as an investment or a commodity
- Refinancing business
- Highly liquid retail financial services marketplace
- Consumers are financially savvy
- Consumers expect variety of products for different circumstances and needs
- Mortgage brokers serve as financial advisor to mortgage consumers - monitoring market developments
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