Allied Market Research

2024

Digital Mortgage Software Market

Digital Mortgage Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Type, by Deployment, by  End-User and by Enterprise Size : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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Digital Mortgage Software Market Outlook - 2030

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

  • The mortgage industry has experienced both major and minor issues due to the impact of the COVID-19 pandemic. The situation is made even more complicated by the inherent complexities of the mortgage industry. As risk-averse lenders rush to adopt digital solutions that will enable digital lending, they are tightening borrowers' eligibility requirements.
  • The COVID crisis serves as a wake-up call for the mortgage industry to address current challenges and plan for the future by implementing purpose-driven digital ecosystem-based business models and reducing reliance on manual labor.

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

  • This study presents analytical depiction of the global digital mortgage software market forecast along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global digital mortgage software market trends.     
  • The current market is quantitatively analyzed to highlight the global digital mortgage software market growth scenario.              
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global digital mortgage software market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Digital Mortgage Software Market Research Report    

  • Which are the leading players active in the global digital mortgage software market size?
  • What would be the detailed impact of COVID-19 on the global digital mortgage software market share?
  • What are current trends that would influence the global digital mortgage software market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global digital mortgage software market?
  • What are the projections for the future that would help in taking further strategic steps?

Digital Mortgage Software Market Report Highlights

Aspects Details
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By Component
  • Solutions
  • Services
    • Digital Origination
    • Digital Mortgage Advisor
    • Digital Underwriting
    • Digital Quality Control
    • Digital Servicing
    • AI based chatbot
    • Automated Document Classification & Extraction
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By Type
  • Conventional Mortgages
  • Adjustable-Rate Mortgages
  • Fixed-Rate Mortgages
  • Government-Insured Mortgages
  • Government-Insured Mortgages
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By Deployment
  • On-Premises
  • Cloud
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By  End-User
  • Individual
  • Corporate
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By Enterprise Size
  • Large Enterprise
  • Small & Medium Enterprises
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Roostify, HW Media LLC, ICE Mortgage Technology Inc., Maxwell Lender Solutions Inc., Cloudvirga, Salesforce Inc., Blend, Blue Sage Solutions, SimpleNexus, StreamLoan

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Digital Mortgage Software Market

Global Opportunity Analysis and Industry Forecast, 2023-2032