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© Internal Consulting Group 2015 Domain Knowledge Scan (DKS) – Trends in Online Mortgages

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Domain Knowledge Scan (DKS): Trends in Online Mortgages

June 2014



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Online Mortgage opportunity

Scope Key questions & definition 1. Current market

definition

Global market for Mortgages •  Potential for growth •  Flows per channel – brokers are growing

2. Online market evolution

Will there be a fully online mortgage origination capability: •  Consumer perspective •  Capability perspective •  Economic perspective

3. The Australian market opportunity

Australian market for Mortgages •  Channel mix •  Consumer channel migration •  Market expectations •  Constraints

ICG perspective on transition path

4. Approach Incumbents are taking,

Competition & differentiation •  What are the key strategies to capture online mortgage market •  Potential strategies to shift consumer preference for offline channels towards online

Simplified Estimate of size of the prize (Example Australia)

5



Clear evidence of a multi-speed mortgage market in developed economies

6

Source: IMF, Financial Stability Indicators

0.75

1.00

1.25

1.50

1.75

2.00

2.25

Volume Index

(local $) 1 = Q1 2009

Residential Mortgage Loans Top Global Markets

South Korea

Italy

Canada

US

Germany

AU

UK

South Africa

Spain



Household debt levels also continue to grow on a number of measures

7



Source: Literature search, Broker associations, National Statistics and independent market research organisations

UK

(95 to 13)

Canada 4 (98 to13)

‘‘Vintage’’ year

Australia (02 to 13)

US (82 to 13)

Broker share of mortgage originations

Bro

ker s

hare

70%

60%

20%

10%

0%

50%

40%

30%

2019 21181514 1716 22 2928 30272423 26251376 82 3 54 100 111 9 12

GFC

GFC

GFC

GFC

Intermediary share of originations in most markets seem to be evolving toward ~50% of market volumes; The exceptions (US & UK) have both been subject to significant regulatory intervention to correct mis-selling & exceptional risk taking

8

In most countries, mortgage markets support a significant role for intermediaries who can offer choice, advice & price discovery





definition










9



Most forecasts believe that a significant proportion of Sales & Advice conversations will shift towards remote channels (internet, mobile, call center etc.)

EU Mortgage Distribution Channels circa 2007

Source: EFMA, 2007; BCG Distribution 2020

Global Sales & Advice Contacts for Financial Services

1.2

0.8

0.2

0.6

0.4

0.0

1.0

Sales & AdviceContacts per Annum

(index)

Branch

MobileCall Centre

2012 2020

Internet

5%

23%

14%

15%

5%

1.00

1.132%

47%

1%

11%

79%

“By 2020, 40 percent of all sales-and-advice interactions with consumers will be handled through on-line channels. But branches will still be important. Frontline face-to-face and voice-to-voice channels will handle 60 percent of all sales-and-advice interactions by 2020, primarily advising on complex products (investments and complex mortgages).”

10



Underlying trends suggest online Mortgages may be inevitable for a significant segment of the market

•  Consumers increasingly expect online capabilities •  Both Lenders and mortgage brokers expect online capabilities and competitors •  Consumer behaviour today is moving online

o  Simple transactions have moved highly online or digital

o  Virtually all customers begin their research process online

o  Customers value convenience and speed (best achieved in a fully digital way)

o  Customers are increasingly trialing on-line process

o  Transition of every-day transactions away from branch means that high-value sales (like mortgages) need to manage yield-loss in acquisition process

§  Highest loss are between research to application & application to decision

o  Banks have enough information (if automated) to offer fully online mortgage (for existing customers)

o  Leaders around the globe are already moving online

•  However, there are significant constraints to a full end-to-end mortgage experience as it is dependent on digitisation and automation of many ‘infrastructure’ components o  Online Identity Verification, Biometrics, Income Verification for non-bank customers o  Robust continuous credit behaviour bureaux and property valuation services o  Digitisation of title management and conveyancing

•  … And significant proportion of the market will continue to be too complex to migrate on-line for the foreseable future

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Consumers increasingly use the internet as the primary source of information when conducting research for a mortgage

Information sources used before applying Base = Respondents who used each application method

31%

53%

36%

24%

29%

43%

60%

4%

8%

28%

17%

36%

54%

71%

7%

11%

29%

15%

26%

36%

93%

0% 25% 50% 75% 100%

Meetings with Brokers

Meetings with Banks

Friends/Relatives

Realtor

Telephone Brokers

Telephone Banks

Internet

Internet Application

Telephone Application

In-person Application

Note: Percentages do not total 100 because some respondents did not use some information sources\ Source: Deloitte: Turning doubters into Online Believers 2011 – Exhibit 1

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In the US, both recent & prior mortgage borrowers are moving online behaviour beyond research

Calculated how much you should spend on rent or a mortgage

Obtain a mortgage quote

Looked for a mortgage lender

Tracked your household finances

Have Done Online Would Like to do Online Gap

+14 +11

49%* 57%*

49%* 56%

55%* 65%

43% 60%

35% 51%

29% 46%

35% 49%

+20 +11

+14 +5

+12 +5

Prior Mortgage Borrowers Recent Mortgage Borrowers

*Denotes a statistically significant difference between “would like to do online” and “have done online” at the 95% confidence level Q: Have you ever done this online? [multiple responses permitted ] A: “Yes, using a smartphone” / “yes, using a tablet” / “yes, using a personal computer” / “No” Showing % Yes, have done online using at least 1 device – Mortgage Borrowers Q: Would you like to do this online in the future? [multiple responses permitted A: “yes, using a Smartphone” / “Yes, using a tablet” / “Yes, using a personal computer” / No” Showing % Yes, would like to do online using at least 1 device – Mortgage Borrowers Source: FannieMae, Online survey 2014

49%* 60%*

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Satisfaction with application process Percent of respondents very satisfied (6-7 on 7-point scale) Base = Respondents using each product and application method

70%

44%

56%

59%

59%

48%

48%

50%

68%

54%

47%

56%

0% 25% 50% 75%

Home equity

Refinance

First Mortgage

Total

Internet

Telephone

In-person

Source: Source: Deloitte: Turning doubters into Online Believers 2011; Exhibit 4

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Online application process meets customers needs



Convenience

Traditional Methods Better Online Better

73%

Two views of online applications: Believers v. Doubters Traditional application methods = telephone and in-person

0%

30% 66%

26% 59%

28% 58%

39%

0%

23% 57%

17% 46%

19% 39%

24% 11%

33% 15%

41% 14%

23% 10%

39% 19%

47% 19%

35% 18%

Ease of submitting information

Comfort with process

Speed until closing

Ease overall

Ease of understanding requirements

Security / privacy

Traditional applicants Online applicants Source: Source: Deloitte: Turning doubters into Online Believers 2011; Exhibit 6

15

Even doubters are beginning to see value in online methods of application



Fact: Pure Mortgage origination is less costly via direct channels Internet/Call center

Source: Mckinsey Retail Banking Multi-channel 2010

16



And... Multi-channel customers are more likely to buy

Initial contact

Application contact

Sales contact Channel

Close rate %

Branch

Call-centre

Online/digital

20

1

15

15

5

5

Source: BCG Multi-channel publication

17



Source: Literature search

207 226 267

409

488 539

649

I T I + T B B + I B + T B+T+I

€

B+T+I

× 3.1

4.2 4.5

4.8

5.5 6.0

6.7

7.5

T B I T+I B+T B+I B+T+I

Number of products

B+T+I

+ 3.3

1.0 1.5 1.8

2.7

5.5 6.3

13.3

I T B I+T B+T B+I B+T+I

M

B+T+I

× 13.3

Threefold profitability 3.3 additional products per customer

13.3 times higher loyalty than pure Internet user

B = Branch T = Telephone I = Internet

Effect of multi-channel usage

Bankinter – Spain

Average profitability per customer

Average number of products per customer Customer loyalty

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Leading digital banks are showing that multi-channel drives profit, wallet share & loyalty



Speed Increases volume EU example

Time is money in mortgages

Source: ICG experience

80

90

100

110

120

0 1 2 3 4 5 6 7 8 9 10

Volume (index)

Quote processing speed (in working days)

Standard Loans

Faster than market clearing time increases volume

Speed Increases Conversion NA Example

# of days from application to final decision

Overall avg = 65%

% Applications funded Faster than market clearing duration

increases conversion rate

19



Halifax mortgage promise Case examples

Branch ~ 15 mins

Call centre ~ 5–15 mins

Online ~ 60 seconds

Simple application process Minimum customer info requested ('your national insurance number if you can find it') Available through all Halifax/ BoS-branded channels Can be completed as a one off promise (minimizes time spent on vague prospects) Also used as first stage in a formal mortgage interview (60–90 min) Allows the advisor to start with the good news . . . . . . but also to identify customers with credit problems early in the process

Can I have a mortgage? How much can I borrow? Get straightforward answers to your questions by applying for a Mortgage Promise. It will take just fifteen minutes to fill in the form, and immediately you will get an indication of what we are prepared to lend you We'll confirm this by giving you a Mortgage Promise Certificate, which is really handy if you are buying a home and want to prove you are a serious buyer What do I need to do? We'll take you step by step through the Mortgage Promise. We recommend you have the following information to hand, as this will make your application much easier to complete

•  Any existing mortgage information, for example, how much you owe

•  Any existing Halifax account information (including roll numbers, sort code, and account numbers)

•  Your income details (and National Insurance number if you can find it)

•  Your address and employment history for the last three years

•  Details of any bank accounts, including credit cards and store cards

•  Details of the house you are buying (if this applies/if you have any details to hand)

•  Your e-mail address Source: Literature search

20

In 2004, HBOS introduced 15 minute Mortgage





definition










21



Australian Market Development

Source: Australian Bureau of Statistics; 5609.0 - Housing Finance, Australia, Mar 2014 ; Table 12

0

200

400

600

800

1000

1200

1400

Mar

-200

2 D

ec-2

002

Sep

-200

3 Ju

n-20

04

Mar

-200

5 D

ec-2

005

Sep

-200

6 Ju

n-20

07

Mar

-200

8 D

ec-2

008

Sep

-200

9 Ju

n-20

10

Mar

-201

1 D

ec-2

011

Sep

-201

2 Ju

n-20

13

Mar

-201

4

$B

Outstanding Housing Loans

OO Housing Inv. Housing

CAGR

11.6%

12.3%

$-

$2

$4

$6

$8

$10

$12

$14

Mar

-200

2 N

ov-2

002

Jul-2

003

Mar

-200

4 N

ov-2

004

Jul-2

005

Mar

-200

6 N

ov-2

006

Jul-2

007

Mar

-200

8 N

ov-2

008

Jul-2

009

Mar

-201

0 N

ov-2

010

Jul-2

011

Mar

-201

2 N

ov-2

012

Jul-2

013

Mar

-201

4

$B

Monthly Mortgage Commitments

Refinancings New Commitments

CAGR

9.92%

5.07%

Australian Mortgage market is approaching $1.3T Outstanding, ~2/3 Owner occupied & 1/3 Investment Housing. Monthly commitments exceeding $16B, 4.9B in Re-financing, & $11.7B in New Commitments

22



AU Broker share grown to approach 50% of originations

Source: 2012 JPMorgan / Fujitsu Mortgage Market Study; 2012-14; Comparator Report data, Digital Finance Analytics

Broker originated loans as a proportion of all new commitments fell post Global Financial Crisis to a low of ~35% as banks tightened credit. Share recovered quickly through 2009 to ~40% and has grown to ~50% of the market

5

45

30

50

0

10

2025

4035

15

% Share

Q4 12 Q1 13Q2 12 Q3 12 Q4 13 Q1 14Q2 13 Q3 13Q1 10Q4 09Q3 09 Q2 10 Q1 11Q4 10Q3 10Q2 08Q1 08Broker Share

Q3 08 Q2 09Q1 09Q4 08 Q2 11 Q3 11 Q4 11 Q1 12

23



In Australia, Online share of applications originated & funded is negligible, today…

•  Few universal banks around the world provide a fully online end-to-end mortgage process. Those furthest advanced have automated the process from application to decision, these include:

-  Sweden – SBAB -  Spain, - Bankinter -  Canada – PC Financial -  Australia – Commbank

In each case, while it is possible to get a decision and mortgage documents online, the post-application submission the process is transferred to an advisor (either in-person, video or online) to handle communications closing and cross-sell activities.

•  With declining margins, consumer behavior moving away from branch usage and the prospect for higher capital reserves against the mortgage portfolio, banks are seeking ways to retain shift share away from their most expensive channel – intermediaries towards proprietary staff, in branches, mobile lenders and contact center staffed specialists

•  Additional capabilities being built to improve productivity of proprietary channels include:

-  Digital & multi-channel Application capture -  Analytics & Context sensitive offers -  Robust referrals and lead management -  Multi-channel measurement & incentives

Source: ICG experience 1) Channel of App Lodgement

0

17

55

20

5

35

15

45

0 2

5 5

25

0

10

20

30

40

50

Online Mobile Call Center Branches RM's (SBB, FP's Other)

Brokers and Intermediaries

Channel of Origin % of Applications lodged by channel %

N/M

Trend

80

24



Australian customers are already conducting many of their FS product journeys through multiple channels

“This year, for the first time ever, Internet Banking has overtaken branch visits and is now the second most popular channel of banking, behind ATMs”

Banking Channels used by Australians

Source: Roy Morgan Single Source (Australia), July 1997 – June 2012

21%

68% 78%

19%

23% 8%

9%

7%

2.5%

69%

22% 15%

50%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

8%

69%

Research Origination Fulfilment Transact

Other Branch ATM Telephony

IVR Online

Mobile

Source: BCG perspective on consumer channel preferences 2012-2017 All Banking Products

25



Source: Genworth HomeGrown Study 2013

20

30

0

10

60

50

40

90

80

70

%

Mobile Lender

Broker Perceptions

Online Mobile Branch Financial Adviser

Lender Perceptions

Broker Call Center

52

34

25

10

90

74

43

86

20

38

8

65

50

33

Lenders and Brokers expect Online and Mobile to grow relative to traditional channels

(2014-2019)

Digital revolution has changed the way lenders interact with borrowers;

•  Borrowers will increasingly use online/mobile channels to apply for mortgages

•  Growth will come at the expense of Branch (43% of lenders expect volume sold in branch will decrease; 57% of brokers expected the same)

However the full end-to-end mortgage loan is a long way away;

•  “Too complicated; Too many variants” – Banker •  “Attackers will simplify things and banks will have no

choice but to follow suit, changing the shape of market share distribution”

“Where the trade-off will happen is… increasingly,

transaction-based activities will migrate from branches to digital. The lower value… activities integral to obtaining a mortgage [such as] determining affordability [and] comparing offerings will also increasingly migrate to digital. Strategic advice and aligning suitability of offering to specific customer needs will continue to benefit from human interaction, which will underwrite the longevity of the broker channel.” – Lisa Claes, Executive Director at ING DIRECT

26

In Australia, both Lenders and Brokers alike expect growth in digital channels



But unlike consumers elsewhere, interest on-line mortgage is not yet increasing

Google Trends: “Online-Mortgage”

Canada

Australia

United S

tates U

nited Kingdom

Source: Google Trends (May 2005-2014; Forecast of 2015)

27



Key Constraints = Mortgage complexity & lack of online capabilities in Australia

0 20 40 60 80

Auto-valuation not available

Requires Manual decision

Self Employed

>80% LVR requires LMI

First home buyer

Product features

Complex loan

Proportion of applications with fault

Today, in Australia many complexity drivers, require human intervention Online application rates are a chicken & egg problem

Low Canadian application rates driven by lack of bank provided online-channel capabilities

In 2013, 15% of all US mortgage commitments were initiated online

21%

10% 8%

43%

30% 25%

0

10

20

30

40

50

Credit cards Checking accounts Mortgages

Canada US

% Applicants who applied online

Source: Forrester Research: Canadian Trends in Researching and Applying for Financial Products online, November 2007, Online Mortgage Shoppers’ Path to Purchase, June 7, 2006, Online Credit Card Shoppers’ Paths to Purchase, October 23, 2006, Who Researches and Buys Current Accounts Online? March 21, 2006, ICG Client Experience 2012



The end-to-end mortgage process is challenging and complex; Moving today’s process fully to digital channels will likely take many years; Initial efforts will work to improve yield of research to offer, and offer to decision; Full title transfer on-line is not likely feasible in the Australian context until 2015;

Cho

ice

Cha

nnel

s M

ono-

bran

d C

hann

els

Mobile App

Online

Chat

Telephony

Video Advisor

Branch Advisor

Mortgage Specialist

Comparison Site

Aggregator

Broker

Bank view Of Value-Chain

Property Search

Locate & Negotiate

Apply & Decide

Close deal

Take Possession Move Upgrade Repeat

Research Shop and Rate lock

Lodge Application

Verify ID Validate Income

Value Property Decision Document Title

Transfer Fund

Source: Literature search; PEXA website, ICG experience

Only 3 channels capable of e-2-e mortgage experience

29

But in Australia, an Online mortgage is constrained by channel capability



Infrastructure underlying ‘fully’ online mortgage: Next 5 years will see fundamental building blocks in place

Australian Market Capability Status and Challenge

Capability Required Time horizon estimate

Low positive match rates today; Requires paper documentation, citing pay slips/bank statements

>90% positive Identity verification for those borrowers who are approved

Up to 5 years

Credit decision focused primarily on affordability, and valuation coverage; Significant use of LMI to cover event risks (divorce, loss of job); U/W largely focuses on capacity, willingness & security quality

Positive and negative reporting signals/ Fraud data/ & cashflow currency; Implementation of risk-based pricing online

2015+

eVal’s & subscriptions growing; increasing use of internal models; Significant proportion of valuations still require physical evaluation

Up-to-date valuations on majority of land values & recent property transactions

Will align with PEXA

PEXA has gone live in Victoria and NSW, by 2015 will enable full e-conveyancing process to be completed on-line

Online title verificaiton & transfer to give up-to-date collateral management

2015-2016

Aggregators today primarily concerned with capture of underwriting information;

EU markets where lenders are more fragmented have built effective ‘utility’ aggregators which incent on-line innovation

??

Identity Verification & Income Verification

Underwriting Capabilities

Title Verification & Transfer

Effective aggregation platforms

Property Valuation Capabilities

30



31

•  Banks around the world are focused on driving productivity: -  Higher sales per staff member -  Better utilisation -  Higher cross-sell & retention -  Lower costs

•  As a consequence they are focusing intensely on automating and digitising the customer experience of their most expensive and highest value products (mortgages)

•  AND integrating the financial transaction into the customer event (upstream & downstream value add)

Banks are also keen to displace high-cost intermediaries (who offer choice, but also can displace the customer advisory relationship) The best way to do this is with a differentiated experience (faster, simpler, easier) – the online mortgage can do this Banks will inevitably offer customers the option to self-service fully online mortgage transactions, such as: •  Renewals (same customer, collateral &

product) •  Refinancing decisions (same risk,

different products) •  Top-ups (same customer, same

collateral, same product)

The simultaneous evolution of the underlying infrastructure to enable: -  Better Identification/verification, -  Richer underwriting, -  Better collateral valuation, -  Title conveyancing, & -  Real time payments

Naturally will create the opportunity for new digital entrants Consequently, banks in laggard geographies will have no choice but to take the mortgage online in the coming years, extending servicing transactions to originating new loans, is a modest step, once customers are familiar with on-line transactions

Online mortgage sales is likely to evolve slowly, but transition rapidly





definition










32



1) Integrate financing decision into customer ‘housing’ journey (eg. CommBank Property App) 2) Use online & mobile to reach new markets

•  Provide choice platforms (eg. Comparator, bankinter)

3) Make it easy for customer to move directly from research to action •  Simplify online product & segment role of channel migrating complex customers to assisted channel

•  Build required infrastructure -- Suspend & Resume, Chat, online/assisted integration

•  Simplify adjudication/decision process leveraging existing customer data

•  Provide pre-approval

•  Shift product structure to enable faster lower risk decision making

4) Move faster – leverage off-the shelf software to increase speed of change and learning

33

Strategies banks should pursue to enable Multi-channel Competitive Advantage in mortgages



Critical features consumers expect to facilitate a positive online mortgage experience

Features on lender’s Web site Base – Respondents who applied online

Offered

Extremely / very useful

77%

54%

74%

81%

55%

84%

78%

83%

72%

75%

77%

79%

21%

26%

30%

45%

45%

46%

47%

65%

67%

70%

75%

77%

0% 20% 40% 60% 80% 100%

Abilty to approve closing documents

Online chat

Product recommendations

Ability to receive final approval

Easy-to-access Help tool

Ability to lock-in rate

Ability to review expected terms

Ability to be pre-approved

Ability to calculate maximum loan

Loan calculator

Ability to speak by telephone to representative

Email confirmation

Note: Respondents who used each feature were asked to rate how useful they were Source: Consumer Online Mortgage Report –: Deloitte: Turning doubters into Online Believers 2011; exhibit 7

34



How much is online mortgage origination worth to the innovators: Example: potential size of the prize for Australia

Increased conversion rate

Value Drivers Rationale Calculation Full Market Potential Value Example value

•  convenience & speed of digital origination capability

•  Converting share of ‘interest’ into share of applications

# loans funded per annum x Avg. Value / loan funded ÷ Yield loss approv to funded ÷ Approval rate = Mortgage Volume per annum X improved conversion rate for

online applications X Max % of apps eligible for

online X Avg. margin = Annual increased flow

~$332B of unique loans approved ÷ 65% = $511B of lodged applications X 5-7 day advantage X 1.25-2% better conversion /day

6.25-10% X 40-50% X 90 bps = 1.1-$3B

$ 46M per annum; NPV = $231M for 10 years

•  Consumers take on effort of data entry avoiding touch time for mortgage applications ~4-6 hours

Avoided effort between # of applications lodged, and # approved applications X touch-time $ per application

1.7 M applications lodged -  1.1M applications approved & funded X $3-500 per application $175M – 485M per annum

$7M per annum PV = $35M over 10 years

•  Revenue benefit of re-deploying Freed up capacity of staff to work on more complex advice activity

•  Revenue benefit of improved satisfaction/retention/ cross-sell of better process

•  Growth volume benefit of differentiation

Cost savings & avoided costs

High-level example based on firm with 15% share of flow

Note: Assumes Profit margin of 90bps on mortgage volume; Cost of Capital 15%; Time horizon for advantage = 10 years; Source: ICG Experience

Value pools not estimated

35



Article Source & contents World Retail Banking Report 2013 Cap-Gemini / EFMA – trends in customer satisfaction and use of digital channels; Country by country

comparison of Customer Experience Index and drivers

Genworth International Mortgage Trends report 2011

Description of mortgage industry trends in industrialised countries

European Mortgage Distribution 2007 EFMA, Fortis, Oliver Wyman; Analysis of all EU countries with a particular focus on channel trends (branches, intermediaries, remot chanels)

Carlisle & Gallagher Consulting US Mortgage Lending, Strategies to gain share in the new Normal

Submissions to the Financial Systems Inquiry

ABA, Westpac, ANZ Bank, NAB, ING Direct Others (mortgage & Finance Association of Australia, RateSetter, SocietyOne)

Mobile Banking around the world; BAI Retail 2012

Profiled of Hana Bank Korean Mobile bank; Bankinter: Spanish direct channel leader

Mortgage Market Review: UK Financial Services Authority 2010

Review of the role of intermediaries (face-to-face vs. Direct)

Winning Strategies in the Brokered Mortgage Market, Deloitte 2010

Reviw of the role of broker intermediation in Canadian Mortgage market

International Monetary Fund: Financial Stability Indicators of major countriews

Staticstics on debt & other financial services penetration rates by country

European mortgage Markets, What can we learn

Study by Hypostech Management consultancy; Review of product, distribution & processing for Dutch, UK, Belgian, German, Danish & Swedish markets circa 2007

Assoc’n of Mortgage Intermediaries: Value of Mortgage advice

Review of the role of brokers in the UK market

Fannie Mae Online Mortgage Survey 2014

Detailed survey of mortgage behaviour and shopping patterns in US

Genworth Homgrown report 2013 Includes a review of distribution dynamics and role of lenders/intermediaries in Australia

36

Key articles reviewed



Article Source & contents Deloitte Retail Lending 3.0 Boosting productivity and improving the customer experience

Mortgage Report 2014 Silver lining in Lending – turning doubters into online believers

Toronto Retail lending statistics Mortgage Broker Association, Broker channel Market share data

ABA Statistics Housing Loans

The Residential Mortgage Market in Canada: A Primer

Crawford, Meh, Zhou; for Bank of Canada

Mckinsey & Co Banking on Multi-channel

BCG Multichannel retailing

EFMA 2007: A new deal in mortgage distribution

Summary of study with Oliver Wyman on distribution of mortgages across various EU Markets

Mortgage distribution channels: Extimates of Lending (2001)

Journal of Housing Finance, Study on evolution of channel strategies and channel landscape across various countries

Quicken Loans (disclusures) More than 2M loans originated; second largest retail lender in the US, closing $80B in home loan volume in 2013 (up 9% from 70B in 2012 which itself was up 133% over 2011 volume of 30B; Also entering the servicing business servicing over 100B of loans; Its technology is used exclusively by Charles Schwab Bank and JP Morgan Chase

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Key articles reviewed

UNBUNDLED CONSULTING • PROJECT SUPPORT • CAPABILITY BUILDING • PROFESSIONAL ASSOCIATION

Internal Consulting Group

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Documents

Domain Knowledge Scan (DKS): Trends in Online Mortgages · 2019-08-22 · Index (local $) 1 = Q1 2009 Residential Mortgage Loans Top Global Markets South Korea Italy ... Source: Deloitte: