Mortgage Servicing Software Market Report 2024

This Mortgage Servicing Software market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The mortgage servicing software market size has grown strongly in recent years. It will grow from $4.77 billion in 2023 to $5.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth during the historic period can be attributed to factors such as regulatory compliance, technological advancements, market competition, economic conditions, and customer expectations.

The mortgage servicing software market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth during the forecast period can be attributed to factors such as digital transformation, increasing mortgage volumes, cost efficiency, customer expectations, and data security. Major trends in this period include the rising adoption of AI and machine learning, cloud-based solutions, improved customer experience, regulatory compliance, and integration with other financial services.

The increasing adoption of cloud services is expected to drive the growth of the mortgage servicing software market in the future. Cloud services encompass a wide range of computing resources and applications provided over the internet on a subscription basis. Their rise is attributed to their ability to support remote work, enable digital transformation, and meet the scalability and agility demands of modern businesses. In mortgage servicing software, cloud services enhance scalability, security, and accessibility, leading to more efficient loan management and customer service. For example, in December 2023, Eurostat, a Luxembourg-based intergovernmental organization, reported that 45.2% of enterprises in the European Union utilized cloud computing services for purposes such as hosting email systems, storing electronic files, and performing various functions. This represented a 4% increase in cloud service adoption among EU enterprises from 2021 to 2023. Large enterprises showed a notable adoption rate, with 77.6% having procured these services in 2023, up 6% from 2021. Consequently, the growing use of cloud services is fueling the expansion of the mortgage servicing software market.

Key players in the mortgage servicing software market are concentrating on developing cutting-edge software platforms, such as AI-based solutions, to secure a competitive advantage. AI-based software encompasses applications or systems that utilize artificial intelligence techniques such as machine learning, natural language processing, and computer vision to perform tasks traditionally requiring human intelligence, such as data analysis, decision-making, language translation, and predictive analytics. For example, in February 2024, Sagent M&C, LLC, a US-based fintech software firm, introduced Dara, an innovative mortgage servicing platform designed to consolidate all data and user experiences for servicers and homeowners throughout the entire servicing lifecycle. Dara is the first platform to integrate the complete servicing ecosystem - including core, consumer, default, loan movement, data, and AI - into a single unified system. This advanced platform aims to reduce servicer operational costs by up to 40% and is scheduled to begin deployment for customers in 2024.

In August 2023, Stavvy, a US-based mortgage servicing startup, acquired Brace Software Inc. for an undisclosed sum. This acquisition supports Stavvy's goal of simplifying real estate transactions and addressing inefficiencies within the mortgage industry. The merged entity is set to equip homeowners, servicers, lenders, and investors with intuitive tools to enhance their mortgage assets. Brace Software Inc., a US-based software company, specializes in mortgage servicing software.

Major companies operating in the mortgage servicing software market are Fiserv Inc., Wolters Kluwer Financial Services, SS&C Technologies Holdings Inc, Finastra, CoreLogic Inc., Dovenmuehle Mortgage Inc., Ocwen Financial Solutions Pvt. Ltd., Altisource Portfolio Solutions S.A, Sagent M&C LLC, Mortgage Cadence, McCracken Financial Solutions Corp., MortgageFlex Systems, Aspire Financial Technologies, Nortridge Software, Shaw Systems Associates LLC, Applied Business Software, Bryt Software, Financial Industry Computer Systems Inc., Fidelity National Financial, RealINSIGHT, ICE Mortgage Technology, Mortgage Builder Software Inc.

North America was the largest region in the mortgage servicing software market in 2023. The regions covered in the mortgage servicing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the mortgage servicing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mortgage servicing software (MSS) is a specialized financial tool created to automate and optimize the management and servicing of mortgage loans. It handles tasks such as payment processing, escrow management, customer support, regulatory compliance, default management, and reporting. The main objective of MSS is to improve efficiency, accuracy, and compliance in mortgage servicing operations, while also enhancing the borrower’s experience.

The primary types of mortgage servicing software are cloud-based and on-premise. Cloud-based solutions are software or services hosted on remote servers and accessed via the internet. These applications are utilized by banking and financial institutions, real estate companies, and other entities, serving various end-users including large enterprises as well as small and medium-sized businesses.

The mortgage servicing software market research report is one of a series of new reports that provides mortgage servicing software market statistics, including mortgage servicing software industry global market size, regional shares, competitors with a mortgage servicing software market share, detailed mortgage servicing software market segments, market trends and opportunities, and any further data you may need to thrive in the mortgage servicing software industry. This mortgage servicing software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mortgage servicing software market includes revenues earned by entities by providing services such as payment processing, escrow management, customer service, regulatory compliance and reporting, and analytics using a detailed design and plan. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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