About Digital Mortgage Solution
Digital Mortgage Solution is referred to as a technology utilization in order to create a mortgage that is produced, allocated, and stored digitally to reduce manual processes, human error, and costs. In other words, it is an end-to-end process including origination, underwriting, disbursement, post disbursement, and customer service, through digital mode to improve borrower experience across the business value chain. This digital mortgage solution allows lenders to build lean, highly scalable, and customer-centric operations. Different stringent guidelines and rising costs, force traditional mortgage lenders to adopt a new business model which is based on technology and digital solution. Also, a wide customer base demands expertise, transparency, and offerings in mortgage deals which are achievable only with the assistance of digital mortgage solutions. Therefore, digital mortgage solutions enable the rapid processing of borrower data and documents at the origination stage with enhanced data security.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 202 |
Unit | Value (USD Million) |
The leading organization in the market are making new collaborations and strategic partnerships to deliver a seamless process and simple procedure to their customer and enhance their experience. Also, to avail competitive advantages companies are adopting new business models which are based on technology that provide errorless, transparent, and effective processes. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Mortgage Solution market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Roostify (United States), Ellie Mae (United States), TCS (India), Streamloan (United States), Blend (India), Wipro (India), SimpleNexus (United States), Salesforce (United States), Infosys (India) and Cloudvirga (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are WebMax (United States), Preclose (United States), Blue Sage Solutions (United States) and ICE Mortgage Technology (United States).
Segmentation Overview
AMA Research has segmented the market of Global Digital Mortgage Solution market by Type (Cloud-Based and On-Premises), Application (Retail Lending, Residential Mortgage, Trade Finance and Others) and Region.
On the basis of geography, the market of Digital Mortgage Solution has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Increasing consumer confidence in digital product and The rise in demand for cashless transactions
Market Growth Drivers:
Increase in the adoption of digital solutions in mortgage across the globe and Increase in demand of customers for efficient, transparent, and error-free mortgage process
Challenges:
Development of standard guidelines which encourage the digital mortgage solution and Increase implementation of digital mortgage solutions in emerging nations
Restraints:
High cost of technology infrastructure development and implement and Increase in risk of security-related concerns
Opportunities:
Development of a seamless digital journey for customers in emerging economies and Increased customer acquisition and retention, while improving automation and the customer experience
Market Leaders and their expansionary development strategies
In September 2023, UWM Technologies partners with ICE Data Services, a provider of mortgage data and analytics, to develop new AI-powered tools for underwriting and loan origination. This collaboration leverages ICE Data Services' vast data resources with UWM's technology expertise to improve loan processing efficiency and accuracy
In October 2023, Wells Fargo Mortgage announces a launch of Digital Closing Experience a comprehensive platform enabling borrowers to complete closings remotely with secure online document signing and notarization. This launch removes geographical barriers and enhances convenience for borrowers.
Key Target Audience
Banks, Financial Institutions, Industrial Associations, Government Regulatory Bodies, Private Research Institutions, IT Organizations and Small Mortgage Companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.