The landscape of traditional mortgage processes will be completely overtaken by e-mortgage technology, creating ample market opportunities in the future
United States, Rockville MD, June 15, 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, a provider of market research and competitive intelligence, the global demand from e-mortgage market It is estimated to reach a valuation of $46.2 billion by the end of 2022 and will grow at a CAGR of 18.2% over the valuation period (2022-2032).
Banks, fintech, NBFC and others are taking advantage of the digitization wave. This has enabled improved 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, fast and more reliable digital experience, as well as convenience and security.
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According to the report, nearly 90% of lenders are confident that technology can help improve the process of processing mortgage applications. In addition, the entire process minimizes data entry by 2/3 while reducing the time required by 70% compared to traditional mortgage processes. Therefore, the adoption curve of e-mortgage technology will show full penetration of the lending and mortgage market in the years to come.
Why will the e-mortgage market boom in the future?
“Increasing Digitization in Banking & Lending”
Consumer demand for e-mortgage has grown exponentially in recent years. In 2018, almost 17,000 electronic promissory notes were registered. After just one year, the number jumped to around 95,000 in 2019, an increase of around 500%. This continued with a month-long tally reaching around 19,240 eNotes in February 2020.
The main reason is the security, speed and cost-effectiveness of e-mortgages compared to traditional paper-based mortgages. The entire process and lending documents, including eNotes, are created, signed, transmitted and stored electronically, limiting the risk of misplacement or theft and enabling automated data verification on a single platform.
This full end-to-end digitization has fueled double-digit growth in e-mortgage and will continue to drive the adoption of mobile personal finance apps for years to come.
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Key segments covered in the e-mortgage industry survey
Leading players 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 Loan Originator, Unify, Velocify LoanEngage, Whiteboard, and Zendesk Sell
Market players are on the continuous path to delivering next-generation services by offering additional and faster APIs and high-end customization skills with tools and e-forms. The ability to initiate, manage and execute loans with exceptions and an improved customer experience has been the market leaders’ foremost strategy.
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Key players in the e-mortgage market
Key takeaways from e-mortgage market survey
Global e-Mortgage is poised to expand at a CAGR of 18.2% and reach a valuation of US$46.2 billion by 2032.
Based on lender type, the market is expected to be dominated by fintech, which is expected to account for around 50% market share by 2032.
North America is expected to be the most attractive region for e-mortgage technology, expected to create an absolute dollar opportunity of $9.2 billion by the end of 2032.
The buying segment is expected to grow by 4.2x while the refinancing segment is expected to grow by 6.1x over the forecast period.
It is estimated that banks will reach a market valuation of USD 8.3 billion by 2032; However, this segment is expected to lose 328 BPS over the next decade.
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