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Summary of our market study
The number of Intermédiaires en Opérations de Banque et en Services de Paiement (IOBSP) in France is around 35,000 professionals.
The presence of brokers on the French mortgage market has increased, and 39% of mortgage applicants use their services.
Over 60% of 18-24 year-olds use mortgage brokers. More than 50% of managers and professionals will use their services in 2020.
The mortgage brokerage market in France is experiencing 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.
Securing financing and saving time are important factors in the decision to use a mortgage broker.
Key players in the French mortgage brokerage market
- Meilleurtaux.com: is a leading player in the digital mortgage brokerage sector.
- Cafpi: with its 230 branches, is another major player and a veteran on the mortgage brokerage scene.
- Vousfinancer: operates through a network of 170 branches
- Cyberpret.com: a purely online entity
- Acecredi: 80 branches
- Crédixia: defending a no-fee model
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Summary and extracts
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 14 points in eight years. In fact, 43% of them used a broker for their home loan in 2023, the majority to obtain better 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 fell by around 41% in 2023, mainly as a result of the decline in bank lending to individuals (linked to rising rates) and declining property purchasing power.
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 home loan market, allowing us to better appreciate the growth potential of brokerage in this field.
The global home loan market, estimated at $*,***.** billion in ****, is expected to grow ...
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
In ****, according to INSEE, **% of households will already own their main residence, and over the period ****-****, **% of French people said they had made an acquisition[***].
Housing stock
In January ****, there were **.* million dwellings in France, an increase of *.*% on **** and **.*% on ****. Here is the breakdown of these dwellings in ****[***] :
One ...
2.4 A very sharp rise in interest rates in 2023
After falling steadily since ****, interest rates exploded in ****. This dizzying rise continues in **** with a rate of *.*%.
Annual interest rate on new housing loans for individuals France, ****-****, in percent Source: ****
We can see that :
Early ****s: rates were around *% p.a. **** to ****: economic crisis triggered a fall in prices and ...
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 *% and then ...
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 older homesFrance, **** (***), in percent
Source: ****
Prices of older homes have fallen by *.*% over the past year in France as a whole. Houses and dwellings in the Île-de-France region have seen the biggest ...
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
- Vousfinancer
- Credixia
- In&Fi
- La Centrale de Financement
- KG Crédit
- Idésia
- SoCrédit
- Immofinances.net
- Empruntis
- Meilleurtaux
- Vilavi Groupe (AB Courtage)
- PresseTaux
- Emprunt direct
- Pretto
- Artemis Courtage
- Solutis
- Prêt Partners
- K Finances
- 360Brokers
- Lucya
List of charts presented in this market study
- Reasons to use a real estate broker
- Percentage of French people who have used a broker for their home loan
- Important categories of French people who use an IOBSP
- Mortgages and consumer credit rates
- Average monthly amount of new housing loans to individuals, flows CVS
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Latest news
Meilleurtaux launches a cell phone comparator | Compare phones ! - 25/09/2023
- Meilleurtaux expects stable sales this year
- Five main areas of activity, each contributing 20% of sales: mortgages and loan insurance, personal insurance, insurance wholesaling, credit consolidation and day-to-day expenses (including comparators), and investments.
- Launch of a telephony and Internet price comparison service
- The group, owned by the American fund Silver Lake
Meilleurtaux goes international by acquiring a Belgian broker - 09/03/2023
- Meilleurtaux, one of France's leading real estate brokers, acquires Belgian company MiD Finance, which specializes in consumer credit, mortgages and associated insurance.
- Transaction value: 70 million euros
- Meilleurtaux, itself taken over by US fund Silver Lake in late 2020
- MiD Finance, whose sales are set to rise from 5 to 10 million euros between 2020 and 2022, is already present in Wallonia, Brussels and Luxembourg.
- Meilleurtaux intends to develop its activities in the Flemish region, which could eventually open the door to the Netherlands.
- Meilleurtaux aims to increase its workforce from 40 to 100 within 5 years
Size acquisition for Artémis brokerage | Artémis brokerage : Size acquisition - 25/11/2022
- Artémis courtage has acquired AJM courtage, which has sales of €12 million.
- AJM courtage has 23 branches in France and 103 employees. Following this acquisition, Artémis courtage now has sales of €60 million.
- Artémis courtage now has 100 sales outlets.
- The acquisition strengthens Artémis courtage's presence in Pays de Loire and Bretagne with 12 branches, and in Nouvelle-Aquitaine with 7 branches.
Real estate: Artémis acquires AJN Courtage | Artémis acquires AJN Courtage. - 25/11/2022
- Acquisition of AJN Courtage by Artémis Courtage (Odealim Group).
- Artémis Courtage achieves sales of €60 million.
- AJN Courtage has 23 branches in France.
- AJN Courtage forecasts sales of 12 million euros by the end of 2022.
- Artémis Courtage achieves sales of 50M euros.
- Artémis Courtage has 100 sales outlets.
End of the golden age for mortgage brokers - 30/09/2022
- The profession, created in the 1970s, took off in the 2000s
- The golden age of credit brokerage, which attracted investment funds such as BlackFin, SilverLake and Bridgepoint to the big French brokers (Cafpi, Meilleurtaux, Empruntis), is now over.
- These brokers won't be as profitable as in the past
- But banks will still need these firms to attract customers
Pretto raises 30 million euros - 26/01/2022
- Pretto raises €30 million in funds
- Pretto's first round of financing in 2017: 1.3 million euros
- Pretto's second round of financing in 2019: 8 million euros
- New investors: Serena, Eurazeo, Orange Ventures 6. historical funds: Kernel, Alven, BlackFin Capital Partners
- Loans financed by Pretto annually: 1 billion euros
- number of Pretto employees at present: 170 12.
- Positions to be filled by 2022: 160 13.
- Brokerage market share in France: 40%.
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