Loan Servicing Market Size , Share , Analysis and Forecasts To 2021
Market Research Analysts forecast global loan servicing market to grow at a CAGR of 14.19 % during the period 2017-2021 .
According to the 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 .
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Further , the report states that one of the major factors hindering the growth of this market is security risks associated with SaaS offerings . Data security concerns remain an issue for mortgage banks , credit unions , and commercial lenders as business data are critical . Though cloud service providers adopt the compliance regulations and industry certifications for storing data and important files but providing data to external service providers always opens up risks of data breach .
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry . The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors .
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Loan servicing software functions as a complete loan servicing system , transaction processing and banking , investor accounting , collection management system , credit reporting software , and electronic funds automated clearing house ( ACH ) payments and collections . The pricing of loan servicing software is dependent upon the volume , complexity , essential features , and exact requirements in a customer ' s requested proposal .
Technavio ’ s analysts forecast the global loan servicing market to grow at a CAGR of 14.19 % during the period 2017-2021 .
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