The National Association of Mortgage Professionals (NAMB) today announced the results of its most recent monthly member survey. The primary findings include:

• Millennials don’t make up the majority of borrowers. Millennial borrowers account for 25 percent or less of the customer bases for over half of survey respondents.
• Gen Xers dominate the market. Nearly half of respondents report that Generation X borrowers account for 36 percent to 75 percent of their customer bases. More than one quarter report that Gen Xers comprise 50 percent to 75 percent of their customer bases.
• Millennials are buying with small down payments. According to over 40 percent of respondents, the average down payment for Millennials is 3 percent or less, but for those over 36 years of age, the average down payment is 20 percent.
• Small mortgage lenders aren’t competing against each other. According to 40 percent of respondents, Top Five lenders pose the biggest threat of competition.
• Borrowers want a more digital process. Fewer than 20 percent of respondents say that borrowers want more paper. The rest say borrowers want a more electronic mortgage process.

“There’s a big focus on Millennials but in reality, the majority of borrowers are still over 36 years old,” Fred Kreger, CMC, president of NAMB, said in a statement. “For small mortgage businesses strategizing on getting a bigger piece of the pie in a shrinking market, it’s important to consider that most of today’s business comes not from Millennials, but from non-Millennial borrowers.”

For the July 2017 survey, Millennials were defined as borrowers up to age 35; Generation Xers, ages 36 to 52; Baby Boomers, ages 53 to 71; Greatest Generation borrowers, over age 72.

Over 70 percent of respondents nationwide reported being employed by mortgage brokerage firms. Slightly fewer than 30 percent stated that they are licensed in multiple states. More than half manage current pipelines of 10 or fewer loans.