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Synthèse
The mortgage brokerage market has undergone significant changes and developments, particularly since 2020. The predominance of brokers in the French mortgage market has increased, with 39% of mortgage applicants using their services in 2022, up 10 points on 2015. However, the sector faced significant challenges at the end of 2022 and in 2023, due to rising interest rates and a global real estate crisis, leading to a forecast decline in the sector's business volume of around 25% for 2022.
Regulatory developments, in particular the Basel III accords, have imposed stricter rules on the profession, demanding greater transparency and financial stability, contributing to tighter market conditions.
The demographics of French borrowers are diverse, with a notable trend towards migration from big cities to small towns, influenced by remote working arrangements following the COVID-19 law. The year 2022 was marked by a 5.86% drop in real estate transactions, due to higher inflation and lower household purchasing power.
Despite these trends, the home loan brokerage business remains attractive, with a theoretical example showing that a fall in interest rates from 1.6% to 1.4% can save thousands of euros over the life of a loan.
Dynamics of the French mortgage brokerage market
The French mortgage brokerage market has undergone significant change in recent years, with growing demand from Intermédiaires en Opérations de Banque et en Services de Paiement (IOBSP). This increase in demand reflects the efficiency and ease with which mortgage brokers can obtain competitive interest rates and advantageous loan conditions.
The use of mortgage brokers is particularly strong in the younger age groups. The 18-24 age group, for example, has seen its utilization rate rise to over 60%, a substantial increase from around 40%. In addition to young people, qualified professionals such as executives and senior professionals also show a preference for mortgage brokers, with over 50% using their services in 2020.
Interestingly, regional differences were observed in the rates of use of brokerage services, with almost 50% of people in the Paris region using IOBSPs. The main motivation behind the use of mortgage brokers is the search for better rates, with 60% citing this as their main reason in 2021.
Securing financing and saving time are also important factors in the decision to use a mortgage broker. The use of mortgage brokers has influenced market activity, with an annual increase in the number of dwellings of over 1% by 2022, and a steady rise in the number of homeowners, to almost 58% of dwellings owned by residents.
The mortgage broker profession, however, faced challenges in late 2022 and early 2023. Rising interest rates and the global real estate crisis put pressure on the mortgage brokerage business. In addition, while mortgage and consumer credit holding rates remained high, at over 30% for mortgages, demand for credit remained low.demand for consumer credit fell, affected by the economic climate and strict usury rates.
In terms of professional presence in the sector, the number of IOBSPs in France is set to rise until 2021, with a peak of over 35,000 professionals, followed by a slight decline in 2022. This slight decline reflects the difficulties encountered by the sector in a difficult economic climate.
Key players in the French mortgage brokerage market
The French mortgage brokerage market boasts a number of leading companies, each with its own approach to consumer service. In this overview of the industry's leading companies, we explore their positions, strategies and contributions to the dynamic French mortgage brokerage market.
- Meilleurtaux.com: A dominant digital presence with comprehensive services Meilleurtaux.com is a leading player in the digital mortgage brokerage sector. In addition to its robust online platform, which offers intuitive loan simulators and fee-free services, Meilleurtaux.com also operates through an extensive network of 270 branches. Meilleurtaux.com's hybrid model capitalizes on both the convenience of online access and the personalized service of face-to-face consultations. By offering rates and savings calculators, it plays an essential role in guiding consumers towards informed decisions.
- Cafpi: A veteran with wide access to branches Cafpi, with its 230 branches, is another major player and long-standing veteran on the mortgage brokerage scene. The company prides itself on its extensive physical presence, enabling direct engagement with the customer. Cafpi's expertise inspires trust, and its model of eliminating bank charges demonstrates its philosophy of customer alignment.
- Vousfinancer: A trusted advisor with a strong regional footprint Positioned as a trusted third party, Vousfinancer operates through a network of 170 branches, underlining its commitment to providing independent advice and customer service. They meet the growing demand for personalized, expert advice on mortgage financing, particularly in the complex lending conditions of recent years.
- Cyberpret.com: an online innovator focused on efficiency As a purely online entity, Cyberpret.com streamlines the mortgage process for customers who prefer digital solutions. Its business model emphasizes efficiency and ease of access, appealing to tech-savvy consumers with the promise of no fees in most cases and competitive service for the most complex scenarios.
- Acecredi: a flexible option for tailor-made solutions With its 80 branches, Acecredi doesn't have the biggest network, but it stands out for its flexible approach to brokerage and banking fees. It offers tailor-made solutions designed to meet a wide range of needs and financial situations.
- Credixia: championing a no-fee model Credixia stands out for its no-fee policy, which applies to both brokerage and banking fees. This commitment to affordability attracts cost-conscious borrowers and underlines the company's philosophy of putting the customer first.
à la compréhension de ce marché
Détail du contenu
Informations
- Nombre de pages : 30 pages
- Format : Version digitale et PDF
- Dernière mise à jour : 20/11/2023
Sommaire et extraits
1 Market overview
1.1 Presentation and definition of the mortgage brokerage market
A mortgage broker is an intermediary in banking operations and payment services (IOBSP), whose mission is to find the best interest rate and the best offers through its network of partner banks for a purchase, construction, rental investment or renovation project. They can also assist borrowers in their search for consumer credit, credit repurchase or loan insurance. IOBSPs know the rates, offers and lending policies of the credit institutions they work with, enabling them to guide customers according to their banking profile and project; they can also negotiate the best conditions for the customer with their partners. Using a mortgage broker means using an intermediary between banks and buyers, so that borrowers can save time and get better deals, and banks can get new customers without having to seek and convince them themselves. A broker must be registered with ORIAS, the French organization for the unique register of insurance, banking and finance intermediaries.
More and more French people are using a mortgage broker for their loans, and this proportion has risen by 10 points in seven years. In fact, in 2022, 39% of them used a broker for their home loan, the majority to obtain more advantageous rates.
The end of 2022 and the beginning of 2023 marked a difficult period for real estate brokers. Rising interest rates and the global real estate crisis put significant pressure on their business. Higher interest rates reduced the attractiveness of home loans, resulting in less sustained demand for brokers' services . At the same time, the uncertainty associated with the global real estate crisis discouraged investors and buyers, while increased competition squeezed brokers' margins. Overall, real estate brokers are facing major challenges as they adapt to this complex economic environment.
The sector's business volume is set to fall by around 25% by 2022, mainly due to the decline in bank lending to individuals (linked to rising interest rates) .
In addition, the profession is subject to tighter regulation, notably with the Basel III accords of 2010, which impose greater transparency, capital requirements and improved liquidity ratios.in 2022, for the first time, the number of real estate brokers declined, highlighting the many current issues facing the sector.
1.2 The global mortgage market
There is no global market size for mortgage brokerage. However, it is possible to look at projections for the size of the real estate lending market, enabling us to better appreciate the growth potential of brokerage in this field.
The global home loan market, estimated at $*,*** billion in ****, is expected to ...
1.3 The French mortgage brokerage market
The proportion of brokers
Market share of real estate brokers France, **** - ****, in percent Source: ****
The French are increasingly turning to mortgage brokers when they want to borrow. In ****, they were **% of loan applicants; by ****, this figure had risen to **%, an increase of ** points in * years. We'll look at the details ...
2 Demand analysis
2.1 The French and mortgage brokers
The French and mortgage brokers
Percentage of French people who have used a broker for their home loan France, **** - ****, in percent Source: ****
The French are using IOBSPs more and more, with the proportion of French people using them increasing by ** points between **** and ****, from **% to **% of home loan applicants in ...
2.2 The French and mortgages
According to an Ifop survey in May ****, **% of those polled have taken out a home loan to buy their main residence, with as many loans lasting more and less than ** years.
Home loans in France
A buoyant property market almost necessarily implies more home loans, the primary determinant of demand for ...
2.3 The French and real estate: revitalizing territories
By ****, */* of French people had already bought a property (***), and over the period ****-****, **% of French people said they had made an acquisition[***].
Housing stock
In ****, there were **.* million housing units in France, an annual increase of *.*% and **.*% compared to ****. Here is the breakdown of these dwellings in ****[***] :
A tenth of ...
2.4 A very sharp rise in interest rates in 2023
After a steady decline since ****, interest rates have exploded in ****
Annual interest rate on new personal housing loans France, ****-****, in percent Source: ****
We can see that :
Early ****s: rates were around *% p.a. **** to ****: economic crisis triggered a fall in prices and rates to around *.*% over ** years Same trend until ...
3 Market structure
3.1 Brokers, agents and ORIAS
ORIAS
ORIAS, the body responsible for the unique register of insurance, banking and finance intermediaries, is an association under the law of ****, under the supervision of the French Treasury, created in ****. Since the law of October **, **** on Intermédiaires en opérations de banque et en services de paiement (***), it has ...
3.2 A constantly growing workforce
Number of approved IOBSPs, i.e. registered with ORIAS :
Growth in the number of IOBSPs France, ****-****, in number of IOBSPs Source: ****
The number of IOBSPs in France has grown steadily since ****, reaching a peak of **,*** in ****. However, in ****, it recorded a decline for the first time of almost *%, revealing challenges ...
3.3 Distribution contact points
Mortgage brokerage can take two forms:
In person : in the traditional way, brokers meet with customers in their branch and explain loan solutions to them face-to-face. Online: customers fill in a form about their financial profile and borrowing requirements, and receive loan proposals without any physical contact. New digital solutions are ...
3.4 Market players: independent brokers resist a powerful trend towards concentration
The mortgage brokerage market is essentially structured around two types of players: the big names on the one hand, and small, independent, local companies on the other.
In recent years, there has been a trend towards concentration among mortgage brokerage firms, driven by the sector's big players seeking to consolidate their ...
4 Offer analysis
4.1 Broker revenue structure
In most cases, brokers are remunerated in two ways:
Bank commission: ranging from *.*% to *% of the total loan, paid by the bank to the broker as a business introducer. There may also be certain ceilings and floors depending on the total amount borrowed. Fees: paid by the customer as a lump ...
4.2 Realized margins
Costs associated with the mortgage brokerage business tend to vary widely, depending on the size of the structure. Nevertheless, the business quickly becomes attractive: set-up costs would rise to **,*** euros, and the break-even point would be reached with around ** financings per year. [***]
In addition, and particularly in the case of a ...
4.3 Broker comparisons
Comparison of some real estate brokersFrance, ****
Source: ****
All brokers operate in mainland France, but some are also present overseas, particularly those offering an online service.
The main element negotiated by the mortgage broker is the interest rate. He or she often works on the basis of rate grids based on the ...
4.4 Real estate prices
It's worth keeping an eye on real estate prices for a broker:
by property
Variation in price indices for existing homesFrance, October ****, in percentages
Source: ****
Between the *rd quarter of **** and the *nd quarter of ****, the price of older homes in France as a whole rose by *.*% in * year, with only ...
5 Regulations
5.1 Overview
Since the real estate crisis of ****, regulations have had a major impact on the brokerage business.
On the one hand, the Basel III accords published on December **, **** imposed limits on risk-taking by banks, leading to the withdrawal of specialized banks from the brokerage segment. [***]
On the other hand, in France, the ...
5.2 Some rules applicable to the IOBSP profession
The Association Professionnelle des Intermédiaires de Crédits (***) provides a complete and succinct overview of the applicable rules and current legislation governing the profession and activity of real estate loan broker.
Non-cumulation rule
Pursuant to article R. ***-* II of the CMF, except for banking operations of a different nature ...
5.3 Texts governing the IOBSP profession
The main text framing this activity is available in articles L.***-* et seq. of the Monetary and Financial Code, as well as articles R.***-* et seq.
The Order of June *, **** relating to Article L.***-* of the Monetary and Financial Code gives a nomenclature of the diplomas required to ...
6 Positioning the players
6.1 Segmentation
- Cafpi
- Kereis (ACE Crédit, Empruntis, Immoprêt)
- Vousfinancer.com
- Credixia
- In&Fi
- Cheval Blanc Patrimoine
- La Centrale de Financement
- KG Crédit
- Idésia
- Premista
- SoCrédit
- Immofinances.net
- Empruntis
- Meilleurtaux
- April group
- J&G Conseil Immobilier
- Vilavi Groupe (ex Assu 2000)
- Vilavi Groupe (AB Courtage)
- PresseTaux
- Crédit expert
- Emprunt direct
- Pretto
- Artemis Courtage
- Credipro
- Solutis
- Prêt Partners
- K Finances
- Ombrea (TotalEnergies)
- 360Brokers
- Lucya
Liste des graphiques
- Les raisons de faire appel à un courtier immobilier
- Part des Français ayant eu recours à un courtier pour leur prêt immobilier
- Les catégories importantes de Français faisant appel à un IOBSP
- Taux de détention des crédits immobilier et de consommation
- Moyenne mensuelle du montant des crédits nouveaux à l'habitat des particuliers, flux CVS
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Dernières actualités
Le courtier April en discussion avec DLPK pour grossir dans l'épargne - 08/12/2023
- Le fonds KKR a racheté le courtier April huit mois auparavant.
- April prépare une acquisition importante avec le groupe DLPK.
- April a acquis le réseau de gérants de patrimoine Magnacarta en 2022.
- Avec DLPK, April pourrait gérer environ 15 milliards d'euros d'actifs financiers.
- La taille de ces actifs serait proche de celle du total des encours de Groupe Cyrus et Maison Herez.
- Le fonds KKR a racheté April pour une valorisation de près de 2,4 milliards d'euros.
- DLPK a 250 employés et a réalisé un chiffre d'affaires de 135 millions d'euros en 2022.
- DLPK a actuellement environ 12 milliards d'euros d'encours d'épargne.
- Le fonds BlackFin détient 34% de DLPK, il est entrée au capital en 2018.
Assurance : coup d'arrêt à la vente du courtier Kereis - 13/10/2023
- Le fonds Bridgepoint espérait vendre le courtier en assurance-emprunteur Kereis pour plus de 2 milliards d'euros.
- Une valorisation de cette vente aurait représenté plus de onze fois le résultat opérationnel (Ebitda) du courtier prévu en 2023 (environ 180 millions d'euros).
- Bridgepoint avait acheté Kereis à l'américain JC Flowers en 2020 pour 1,3 milliard d'euros, soit environ 10 fois son Ebitda.
- Le marché du crédit immobilier a pris un coup, avec seulement 12 milliards d'euros de prêts accordés en juillet.
- KKR a acheté le courtier April pour près de 2,4 milliards d'euros.
- L'échec de la cession de contrôle de Premium par Eurazeo et Montefiore envoie un signal négatif au marché.
Agritech : la start-up Ombrea rachetée par TotalEnergies - 29/09/2023
- TotalEnergies a annoncé le rachat de la totalité des parts d'Ombrea, le montant de l'opération n'est pas dévoilée.
- Elle déploie et pilote des panneaux intelligents pour ombrager les cultures agricoles
- La start-up Ombrea avait levé 7 millions d'euros (dont 1 million d'obligations convertibles) en 2021.
- Ombrea a réalisé un chiffre d'affaires de 1,7 million d'euros en 2022 (contre 900.000 euros en 2021).
- Ombrea a dressé un portefeuille d'une dizaine de contrats avec des sites agricoles en France.
- Ombrea envisage de développer 140 sites, ce qui équivaut à la production d'1,5 gigawatt.
Meilleurtaux lance un comparateur de téléphonie mobile | Comparez les téléphones ! - 25/09/2023
- Chiffre d'affaires stable attendu pour cette année par Meilleurtaux
- Cinq grands pôles d'activité, contribuant à hauteur de 20 % du chiffre d'affaires chacun: le crédit immobilier et l'assurance emprunteur, l'assurance aux particuliers, l'activité de grossiste en assurance, le pôle regroupement de crédits et dépenses du quotidien (qui comprend les comparateurs) et les placements.
- Lancement d'un comparateur de prix consacrée à la téléphonie et à Internet
- Le groupe, propriété du fonds américain Silver Lake
HLD rachète Vilavi - 02/08/2023
- Le groupe d'investissement HLD Europe prévoit de racheter le groupe Vilavi, l'un des leaders français du courtage d'assurance.
- Les principales compagnies d'assurance partenaires de Vilavi incluent les entités françaises d'Allianz, Generali, Swiss Life, la MFA et Wakam.
- 1 500 collaborateurs et 550 000 clients assurés.
- Vilavi, fondé en 1975, a 320 agences, des plateformes en ligne et un courtier grossiste.
- Il a réalisé un chiffre d'affaires de près de 150 millions d'euros l'an dernier.
Vente de Kereis par Bridgepoint - 13/04/2023
- Valorisation estimée de Kereis : 2 milliards d'euros (2,21 milliards de dollars)
- Historique de Kereis : Bridgepoint a acquis une participation majoritaire en 2020 auprès de JC Flowers & Co pour un montant non divulgué
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- 10/11/2023 - Mise à jour des données de septembre 2023 sur le montant d'encours des crédits à l'habitat accordés aux particuliers résidents en France
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- 06/10/2023 - Mise à jour des dernières données sur les prix de l'immobilier et tendance de la France métropolitaine d'octobre 2023
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- 02/10/2023 - L'étude a été entièrement mise à jour par un analyste de Businesscoot. En plus de cette révision complète, des informations sur l'impact de la hausse des taux d'intérêt, la diminution du pouvoir d'achat des ménages, la baisse des transactions immobilières ainsi que l’impact de la baisse des prêts attribués sur l'activité des courtiers immobilier ont été ajoutées.
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- 21/02/2023 - Mise à jour des données financières de l'entreprise Kereis (ACE Crédit, Empruntis, Immoprêt)
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