It’s well known that mortgage servicers have been playing catch-up in recent years, in terms of deploying new contact center and customer service software, but just how much will the mortgage servicing software market grow over the next four years?
According to a report from Pune, India-based research aggregator ReportsNReports.com, the global loan servicing software market will witness a compound annual growth rate of 14.19% from 2017 through 2021.
This is mostly due to the emergence of software-as-a-service (SaaS)-based loan servicing software, which is faster and less expensive to deploy, the firm finds in its 62-page report. It also helps servicers better manage compliance.
“The market share of SaaS-based loan servicing software is likely to increase by 2021 because of its lower implementation cost than on-premises loan servicing software,” the firm says in a release. “SaaS-based loan servicing software enables loan originators to manage the entire lending cycle, from origination to maturity, from any location with a secure Internet connection. SaaS-based loan servicing software is cost-effective, as the installation and maintenance of such solutions does not require any extra cost.”
Key players in the global loan servicing market that are mentioned in the report include FICS, Fiserv, Mortgage Builder, Nortridge Software and Shaw Systems Associates.
Other prominent vendors in the market include Altisource Portfolio Solutions, Applied Business Software, AutoPal Software, Cassiopae, C-Loans, Cloud Lending, DownHome Solutions, Emphasys Software, FIS, Grants Management Systems, Graveco Software, IBM, Integrated Accounting Solutions, ISGN, Loan Servicing Soft, Misys, NBFC Software, Nucleus Software, Oracle, PCFS Solutions, Simnang and Sopra Banking Software.
To access the full report, click here.