No one truly knows what the future holds for the mortgage industry. But experts have their insights. Alex Elezaj, chief strategy officer at United Wholesale Mortgage (UWM), spoke with Mortgage Professional America about what the housing industry might look like in 2023. The following are what he envisions:

Strong Purchase Market

The year ahead remains a great time to buy, Elezaj said, unless borrowers plan to flip a house. UWM’s business model ensures future success, according to him: As a result of individual brokers working with multiple lenders, buyers will be able to choose from a variety of products and services. As long as home ownership is a viable option for consumers, he believes they will continue to move and buy homes.

Affordable Housing

There will be more updates regarding home affordability from government-sponsored entities (GSEs), Elezaj said. Affordability and affordable products are a big focus of the administration, according to him. Consumers across America will continue to benefit from these types of actions, which is why they’re so important.

Client Retention

The next refinance boom is currently brewing in the purchase market, and retaining clients for that next phase will be the key to success for 2023, according to Elezaj. In order to provide the best mortgage experience to the borrower, the loan officer should stay in touch for the next refinance opportunity, which ultimately flows to the real estate agent.

Growing Broker Channel

According to Elezaj, mortgage brokers hold 22% of the loan origination market today, and that number is expected to increase to 33% by 2026. During the 2000s, the broker market accounted for 50% of the market, dropped down, and is now on the rise again. Just like before, we’ll go back to the same area, but we’ll do it more efficiently and effectively. More educated consumers who know where to find their brokers and have access to all those options will increase wholesale channel growth.