The landscape of conventional mortgage processes will be completely overtaken by e-mortgage technology, thereby creating ample market opportunities going ahead
United States, Rockville MD, June 15, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR, a market research and competitive intelligence provider, the global demand of e-Mortgage market is estimated to reach a valuation of US$ 46.2 billion by the end of 2022 and expand at a CAGR of 18.2% over the assessment period (2022-2032).
Banks, fintech, NBFC, and others are leveraging the wave of digitalization. This has allowed enhanced customer experience and cost savings at a much higher level, as well as optimal decision-making. Both lenders and customers are opting for a hassle-free, quick, and more reliable digital experience along with their convenience and security.
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As per the report, almost 90% of lenders show confidence that technology can aid in process improvement for processing mortgage applications. Moreover, the entire process minimizes data entry operations by 2/3, while reducing time required by 70% as compared to conventional mortgage processes. As such, the adoption curve of e-mortgage technology will showcase complete penetration across the lending and mortgage market over the coming years.
Why is the e-Mortgage Market Set to Boom Going Forward?
“Increasing Digitalization in Banking & Lending”
Demand from the consumer end for e-Mortgages has witnessed exponential growth over the past few years. In 2018, nearly 17,000 electronic promissory notes were registered. After just one year, the number jumped to around 95,000 in 2019, witnessing an increase of around 500%. This continued with a single-month tally reaching around 19,240 eNotes in February 2020.
The prime reason is the security, speed, and cost-effective attributes of e-Mortgages as compared to traditional paper-based mortgages. The overall process and loan documents, including eNotes, are created, signed, transmitted, and stored electronically, limiting the risk of misplacement or theft as well as enabling automated data verification covered under a single platform.
This complete end-to-end digitalization has led to the double-digit growth of e-Mortgage, and will continue to drive the adoption of personal finance mobile apps over the coming years as well.
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Key Segments Covered in the e-Mortgage Industry Survey
- e-Mortgage Market by Solution :
- Origination Solutions
- Underwriting
- Closing Solutions
- Data & Analytics
- Others
- Origination Solutions
- e-Mortgage Market by Mortgage Type :
- Purchase
- Refinance
- Purchase
- e-Mortgage Market by Lender Type :
- Fintech
- Credit Unions
- Banks
- Government Institutes & NBFCs
- Others Secondary Lenders
- Fintech
- e-Mortgage Market by End User :
- Residential
- Commercial
- Industrial
- Residential
Competitive Landscape
Leading players operating in the e-Mortgage market are AmoCRM, BNTouch, Calyx PointCentral, Cimmaron, Encompass, Floify LLC, HubSpot, ICE Mortgage Technology, Inc, Jungo, Keap, Maxwell Financial Labs, Inc., MLO Shift, Pipedrive, Podium, RealINSIGHT, Salesforce, Simple Nexus, Surefire, TeamSupport, Total Expert, Turnkey Lender, Unify, Velocify LoanEngage, Whiteboard, and Zendesk Sell
Market players are on the continuous path to delivering next-generation services by offering additional and quicker APIs and high-end customization competencies with tools and e-forms. The capability to initiate, manage, and execute loans with exceptions, and enhanced customer experience, has been the forefront strategy of market leaders.
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Key players in the e-Mortgage Market
- Cimmaron
- Encompass
- Floify LLC
- ICE Mortgage Technology, Inc
- Keap
- Simple Nexus
- Unify
- Whiteboard
Key Takeaways from e-Mortgage Market Study
- Global e-Mortgage is poised to expand at 18.2% CAGR reaching a valuation of US$ 46.2 billion by 2032.
- On the basis of lender type, the market is projected to be dominated by fintech, which is projected to account for around 50% market share by 2032.
- North America is likely to be the most attractive region for e-Mortgage technology and is expected to create an absolute dollar opportunity of US$ 9.2 billion by the end of 2032.
- The purchase segment is expected grow 4.2X while the refinance segment is set to expand 6.1X during the forecast period.
- Banks are estimated to top a market valuation of US$ 8.3 billion by 2032; however, this segment is expected to lose 328 BPS over the next ten years.
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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