Global Loan Servicing Market 2017-2021: Growth at CAGR of 14.19% with FICS, Fiserv, Mortgage Builder, Nortridge Software & Shaw Systems Associates Dominating – Research and Markets
The global loan servicing market to grow at a CAGR of 14.19% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global loan servicing market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of loan servicing software licenses, installation and implementation of software, training, maintenance, and subscriptions.
The global loan servicing software market is currently witnessing the emergence of SaaS-based loan servicing software. 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.
According to the report, one of the major drivers for this market is need to comply with multiple regulations. Organizations are made to follow regulatory requirements to protect and manage the corporate information. Governments of many countries are enforcing acts and policies, such as Sarbanes-Oxley (SOX) Act and the Health Insurance Portability and Accountability Act (HIPAA) in the US, and data breach notification laws that companies need to comply with for conducting business effectively.
Further, the report states that one of the major factors hindering the growth of this market is security risks associated with SaaS offerings. Data security concerns remain an issue for mortgage banks, credit unions, and commercial lenders as business data are critical. Though cloud service providers adopt the compliance regulations and industry certifications for storing data and important files but providing data to external service providers always opens up risks of data breach.
- Mortgage Builder
- Nortridge Software
- Shaw Systems Associates
Other Prominent Vendors:
- Altisource Portfolio Solutions
- Applied Business Software
- AutoPal Software
- Cloud Lending
- DownHome Solutions
- Emphasys Software
- Grants Management Systems (GMS)
- Graveco Software
- INTEGRATED ACCOUNTING SOLUTIONS
- LOAN SERVICING SOFT
- NBFC Software
- Nucleus Software
- PCFS Solutions
- Sopra Banking Software
- Market Drivers: