SaaS Mortgage Software Market: Size, Trends & Forecasts (2017-2021)
The US SaaS Mortgage Software market is expected to increase at a significant CAGR during the years 2017-2021. The SaaS mortgage software market is expected to increase due to growth in network effect, increase in employment levels in the US,.
Yet the market faces some challenges such as, need for data security, risks associated with SaaS offerings, compliance regulations,.
The collateral that is kept while initiating a loan for the purchase of real estate or property or a house is known as mortgage.The banks or the mortgage lenders loan a large chunk of money that is around 80% of the price of home that the borrower is required to pay back with interest over a set period of time.
On failure of repaying the loan, the lender takes the mortgage through a legal process known as foreclosure.
The mortgage origination process has slightly changed over the decades. The technology penetration into mortgage institutions is considered of significance increasingly.
The loan servicing software therefore helps the banks, wholesale lenders, commercial finance, and specialty lenders to manage all types of instalment loans, notes, contracts, mortgages, and deeds of trust, as well as some clients and contracts. Loan servicing software automates the loan decisions and plays an important role in increasing the speed of service and borrower satisfaction.
The loan servicing software are of two types: the in-house or the on-premise server and cloud based server.
The cloud-based software is secured on the host companyâ€™s server. The software and the server are managed at one place.
The data and the software both are located on cloud. The data is accessible from anywhere to the mortgage lender.
The Saas software in mortgage enables the customers to utilize a seamless workflow across point-of-sale, processing, underwriting, closing and funding, post-closing, shipping, delivery and CRM requirements. Such solutions serve all the players in the loan origination market from borrowers to lenders to investors.
It assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall US Saas Mortgage Software market has also been forecasted for the period 2017-2021, taking into consideration the previous growth patterns, the subprime lending crisis of 2008-2009, the growth drivers and the current and future trends.
The competition in the US SaaS Mortgage Software market is fragmented. However Ellie Mae dominates the market.
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