PUNE, India, January 23, 2017 /PRNewswire/ --
The market analyst says the global loan servicing software market is currently witnessing the emergence of SaaS-based loan servicing software. The analysts forecast global loan servicing market to grow at a CAGR of 14.19% during the period 2017-2021.
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The market share of SaaS-based loan servicing software is likely to increase by 2021 because of its lower implementation cost than on-premises 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.
The following companies are the key players in the global loan servicing market: FICS, Fiserv, Mortgage Builder, Nortridge Software, and Shaw Systems Associates. Other prominent vendors in the market are: Altisource Portfolio Solutions, Applied Business Software, AutoPal Software, Cassiopae, C-Loans, Cloud Lending, DownHome Solutions, Emphasys Software, FIS, Grants Management Systems (GMS), Graveco Software, IBM, INTEGRATED ACCOUNTING SOLUTIONS, ISGN, LOAN SERVICING SOFT, Misys, NBFC Software, Nucleus Software, Oracle, PCFS Solutions, Simnang, and Sopra Banking Software. Order a copy of Global Loan Servicing Market 2017-2021 research report at http://www.reportsnreports.com/purchase.aspx?name=805866.
According to the loan servicing market 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.
In 2016, the Americas accounted for the largest market share in the global loan servicing market. The US government has created trans-Pacific and trans-Atlantic trade agreements, which have led incumbent banks to acquire and integrate new, market entrants speedily. Banks are the primary source of financial activities in this region, where investment funds, public and private funds, and money market funds are the largest sectors. Moreover, with several emerging startups offering student loan services and other types of financing services through different FinTech platforms, the volumes of investments will increase, during subsequently leading to increased adoption of loan servicing software during the forecast period.
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