Press release
Global Mortgage And Loans Software Market to Reach $3.28 Billion by 2029, Growing at 13.8% CAGR
Mortgage And Loans Software
The mortgage and loan software market is anticipated to expand due to the upsurge of mobile banking. As a digital service, mobile banking lets users complete financial transactions using a mobile device. Its growing popularity is a result of increased use of smartphones, better internet services, higher consumer inclination towards digital financial services and advancements in secure mobile payment technology. Mortgage and loan software improves the mobile banking experience as it allows users to apply for loans, monitor repayments, compute EMIs, and handle mortgages efficiently, thus escalating engagement and financial accessibility. For example, a report by UK Finance Limited, a British trade association, stated in July 2024 that in 2023, 42% of adults had registered for mobile payments, marking an upswing from 30% in 2022. It also noted that 34% of the population used mobile payments on a monthly basis. As such, the mobile banking surge is fuelling the growth of the mortgage and loans software market.
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What is the projected compound annual growth rate (CAGR) of the mortgage and loans software market from 2025 to 2034, and what factors influence it?
In recent times, the market size of the mortgage and loans software has witnessed significant growth. The market, which is predicted to increase from $16.08 billion in 2024 to $18.46 billion in 2025, will be growing at a Compound Annual Growth Rate (CAGR) of 14.8%. The substantial expansion in the historic period can be linked to the proliferation of digital transformation, an upsurge in smartphone usage, the emergence of online lending platforms, the intensifying demand for customer-focused solutions, and the advent of open banking.
Expectations are high for quick expansion in the mortgage and loan software market size in the coming years. The market is projected to escalate to $31.63 billion by 2029, with a compound annual growth rate (CAGR) of 14.4%. This predicted growth during the forecast period is attributed to factors including heightened demand for automated loan processing, increased digitization and automation, growing internet usage, escalated consumer expectations, and greater digital tools adoption. Key trends to watch throughout this forecast period include the amalgamation with fintech platforms, amplified automation for speedy loan processing, improved fraud detection mechanisms, the embrace of cloud technology, and digital transformation.
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How are the latest trends influencing the growth of the mortgage and loans software market?
Leading corporations in the mortgage and loans software market are emphasizing on creating cutting-edge solutions like voice-activated AI loan assistants. This development seeks to enhance the client-service experience, simplify loan origination and boost customization. These voice-activated AI loan assistants, powered by artificial intelligence, utilizes voice recognition and natural language processing (NLP) to assist clients in the loan application process, loan management, and loan inquiries via voice interactions. These tools are incorporated into banking applications, call centres or smart devices, and can offer information on loan eligibility, interest rates, and payback plans. For example, in October 2024, Better Home & Finance Holding Company, a US-based finance service enterprise, introduced Betsy - the US mortgage industry's premiere voice-activated AI loan assistant. Betsy streamlines the mortgage process by automating everyday tasks and offering real-time client support. This innovation not only increases productivity and reduces expenses but also elevates the overall client satisfaction within the mortgage sector. This functionality enables loan officers to concentrate on more intricate discussions about interest rates and other licensed operations, thereby simplifying the entire mortgage process.
What are the major segments of the mortgage and loans software market and their role in driving growth?
The mortgage and loans software market covered in this report is segmented -
1) By Software Type: Loan Origination Software, Loan Servicing Software, Loan Management Software, Compliance Management Software, Other Software Type
2) By Deployment Mode: On-Premises, Cloud-Based
3) By Application: Residential Mortgage, Commercial Mortgage, Consumer Loans, Other Application
4) By End-User: Banks, Credit Unions, Mortgage Lenders, Non-Banking Financial Institutions, Other End Users
Subsegments:
1) By Loan Origination Software: Automated Underwriting Systems, Credit Decisioning Software, Loan Pricing Software, Document Management Solutions, eClosing And eSignature Software
2) By Loan Servicing Software: Payment Processing Software, Escrow And Tax Management Software, Delinquency And Default Management Software, Loan Modification Software, Customer Self-Service Portals
3) By Loan Management Software: Portfolio Management Software, Risk And Fraud Management Software, Collateral Management Software, Debt Collection Software, AI-Powered Loan Analytics
4) By Compliance Management Software: Regulatory Reporting Software, Anti-Money Laundering (AML) Software, Know Your Customer (KYC) Compliance Software, Fair Lending Compliance Software, Data Privacy And Security Compliance Software
5) By Other Software Type: Mortgage Broker Software, Reverse Mortgage Software, Construction Loan Management Software, Peer-to-Peer (P2P) Lending Software, Loan Marketplace Platforms
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Which regions are key players in the growth of the mortgage and loans software market?
North America was the largest region in the mortgage and loans software market in 2024. The regions covered in the mortgage and loans software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the mortgage and loans software market?
Major companies operating in the mortgage and loans software market are Fiserv Inc., First American Financial Corporation, Wolters Kluwer Financial Services Inc., Finastra Inc., Black Knight Inc., The Mortgage Office Inc., Blend Inc., PathSoftware Inc., Provenir Inc., MortgageCadence LLC, Financial Industry Computer Systems Inc., TruHome Solutions LLC, Turnkey Lender Inc., Calyx Software Inc., SimpleNexus LLC, LoanLogics Inc., LoanPro Inc., LendingQB LLC, Better Mortgage Corporation, Ellie Mae Inc.
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What Is Covered In The Mortgage And Loans Software Global Market Report?
•Market Size Forecast: Examine the mortgage and loans software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mortgage and loans software market for a structured understanding.
•Key Players Overview: Analyze major players in the mortgage and loans software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mortgage and loans software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mortgage and loans software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mortgage and loans software market.
•Industry Challenges: Identify potential risks and obstacles affecting the mortgage and loans software market.
•Competitive Landscape: Review strategic developments in the mortgage and loans software market, including expansions, agreements, and new product launches.
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