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Loan Servicing Software Market Expected to Reach $9.5 Billion by 2032
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Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in May 2022, Sagent, a FinTech company modernizing mortgage and consumer loan servicing for North America's top banks and lenders, announced a five-year partnership extension with Fairstone Financial Inc. to continue powering its personal loan servicing ecosystem. Fairstone is expected to continue to drive scale servicing operations using Sagent's cloud-based LoanServ system of record. Fairstone currently uses the nimble, highly configurable LoanServ platform to deliver a better customer experience and adjust in real-time to constantly evolving customer and regulatory needs.
On the basis of application, the commercial loan software segment is the highest growing segment. This is attributed to the fact that commercial lending software streamlines loan origination and processing by giving commercial lenders the power to effortlessly scale processing, improve customer service, and increase profit margins. Therefore, these are the major factors for the loan servicing software market growth.
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By region, North America attained the highest growth in 2021. This is attributed to the fact that most lending companies in the U.S. have adopted digital services to offer loans to the customers. Therefore, the loan servicing software is increasingly used by companies to serve their customers. Moreover, personal loans and home loans have increased in the U.S. for which customers demand a robust loan settlement procedure. Therefore, companies in the region have adopted loan servicing software market trends.
COVID-19 had a moderate impact on the market since, the demand for taking loans by consumers decreased during the pandemic, as people were incurring huge losses due to business closure. However, lending companies adopted digitalization, which increased the demand for loan servicing software market among lending companies for managing the loan process and shifting their focus from human intervention in the loan process towards automation by adopting these software. Therefore, the COVID-19 moderately impacted the loan servicing software industry.
Key benefits for stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the loan servicing software market forecast from 2022 to 2031 to identify the prevailing loan servicing software market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the loan servicing software market share assists to determine the prevailing market opportunities.
The report includes the analysis of the regional as well as global loan servicing software market trends, key players, market segments, application areas, and market growth strategies.
Loan Servicing Software Market Report Highlights
Aspects Details
Component
Software
Service
Deployment Mode
On-premises
Cloud
Enterprise Size
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Application
Commercial Loan Software
Loan Servicing Software
Loan Origination Software
End User
Banks
Credit Unions
Mortgage Lenders and Brokers
Others
By Region
North America (U.S., Canada)
Europe (United Kingdom, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, Singapore, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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Key Market Players: Applied Business Software, Bryt Software LLC, C-Loans, Inc., Emphasys Software, Fiserv, Inc., GOLDPoint Systems, Inc., Grants Management System (GMS), Graveco Software Inc., Nortridge Software, LLC, Shaw Systems Associates, LLC, Q2 Software, Inc., LoanPro, FICS, Margill, The Constellation Mortgage Solutions, Neofin, TurnKey Lender
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