Report Code: A12740 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Digital Mortgage Software Market
Request Now !Lenders use digital mortgage software to manage the entire mortgage process, from application to closing and funds release. These tools simplify the borrower experience by automating the majority of the process for the lender and reducing the time it takes for both parties to close. Automated workflows are provided by digital mortgage solutions, which include the creation of digital application forms for borrowers.
E-signature is a key feature of this software, which allows both borrowers and lenders to electronically sign documents to close mortgages. Moreover, the value of digital mortgage solutions is found in the lender's automation of the mortgage process and the borrower's streamlined process. Therefore, the surge in demand for digital mortgage software is expected to boost the growth of the market in the upcoming years.
The global digital mortgage software market is segmented on the basis of component, type, deployment, end-user, enterprise size and region. Based on component, the market is divided into solutions and services. The services segment is further divided into digital origination, digital mortgage advisor, digital underwriting, digital quality control, digital servicing, AI based chatbot and automated document classification & extraction. In terms of type, the market is categorized into conventional mortgages, adjustable-rate mortgages, fixed-rate mortgages, government-insured mortgages and jumbo mortgages.
On the basis of deployment, the market is divided into on-premise and cloud. On the basis of end-user, the market is divided into individual and corporate. In terms of enterprise size, the market is categorized into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global digital mortgage software industry include Blend, Roostify, StreamLoan, SimpleNexus, Cloudvirga, HW Media LLC, Maxwell Lender Solutions Inc., ICE Mortgage Technology Inc., Blue Sage Solutions and Salesforce Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global digital mortgage software market.
COVID-19 Scenario Analysis
Top Impacting Factors
Growth in shift from traditional loan process to digital lending and rise in the number of borrowers overtime are expected to drive the growth of the market. In addition, increase in the adoption of better fraud detection propel the growth of the market. However, scams involving mortgage lending are common on the internet and this will hamper the growth of the market. Contrarily, stringent government policies in order to protect both consumers & lenders is expected to provide lucrative opportunities to the market in the upcoming years.
Growth in Shift from Traditional Loan Process to Digital Lending
Loan personnel can access documents, files, and other data remotely, whether they are across the office or across town due to digitalization. The ability for multiple users to quickly originate a loan reduces the time it takes to close; the bottlenecks that a traditional mortgage process creates are eliminated. Because access, convenience, and user experience are at the heart of the process, one person waiting for paperwork to clear from another isn't an issue with a digital mortgage.
Borrowers benefit from increased efficiency as digital mortgage is less stressful, closes faster and identifies any potential issues sooner, allowing them to be addressed. Moreover, this not only allows lenders to process more mortgages and increase profits, but it also allows them to better serve their borrowers, who have high expectations for quality service. Therefore, the increase in demand for digital mortgage software is expected to boost the growth of the market during the forecast period.
Key Benefits of the Report
Questions Answered in the Digital Mortgage Software Market Research Report
Digital Mortgage Software Market Report Highlights
Aspects | Details |
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By Component |
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By Type |
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By Deployment |
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By End-User |
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By Enterprise Size |
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By Region |
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Key Market Players | Roostify, HW Media LLC, Salesforce Inc., SimpleNexus, Maxwell Lender Solutions Inc., Blend, ICE Mortgage Technology Inc., Blue Sage Solutions, Cloudvirga, StreamLoan |
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