Published on : May 10, 2017
Albany, New York, May 10, 2017: The report outlines the factors that will be driving or restraining the growth of the market during the forecast period between 2017 and 2021. It takes into consideration previous and present growth patterns to estimate the future trends of the U.S. SaaS Mortgage Market.
The collateral which is used by a bank or lender to initiate a loan, with the condition that the collateral of collateral becomes void upon the payment of the debt is known as mortgage. The mortgage origination process has experienced several changes over the past decades. The penetration of several technologies into mortgage institutions play an important role in boosting the speed of service.
The mortgage software is of two types, which are on-premise and cloud-based servers. The cloud-based software enables mortgage lenders to access data from anywhere. The data and the software both are located on the cloud.
There is a significant rise in the adoption of SaaS mortgage software in the BFSI sector as it allows to maintain a seamless workflow across point-of-sale, CRM requirements, underwriting, processing, funding and closing, post-closing, shipping, and delivery. Such software takes help of advanced credit scoring to reduce risk and improve portfolio yields, besides supporting the overall mortgage procedures.
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The pricing model of the software is primarily based on ongoing per use fees, upfront implementation expenses, system maintenance, technical support services, and upgrades. With SaaS mortgage software, there is no need for installation as the software is managed by vendor’s data center and can be accessed according to the subscription. The implementation cost and monthly subscription fee are low, which makes end users inclined towards this software.
The U.S. market for SaaS mortgage software is likely to witness tremendous growth over the coming years. The increasing number of startups providing student loan services and other financial services through various FinTech platforms is leading to the rise in volumes of investments and subsequently leading to the higher adoption of mortgage servicing software. Favorable government policies are also providing a fillip to the market. Moreover, the growing employment levels in the U.S. are stoking the growth of the U.S. market. However, the risks pertaining to SaaS offerings in terms of data security are keeping the market from realizing its utmost potential. Issues related to software compliance are hampering the growth prospects.
The U.S. SaaS mortgage software market features high competitive rivalry. To sustain high competition, players are focusing towards product differentiation. The market is likely to witness an increase in product and service extensions, mergers and acquisitions, and technological innovations. Some of the prominent companies operating in the SaaS mortgage software market in the U.S. are Black Knight Financial Services Inc., Wipro, Accenture, and Ellie Mae Inc.
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