Dublin, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The "Loan Servicing Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
This Loan Servicing 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. North America was the largest region in the loan servicing market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The loan servicing market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed during the historic period can be attributed to several factors such as regulatory changes, rising loan origination volumes, increased demand for automation, higher borrower expectations, economic fluctuations, and a greater need for enhanced data security.
The loan servicing market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The projected growth during the forecast period can be attributed to several factors such as increasing demand for automation, a growing focus on regulatory compliance, expansion in the mortgage and lending sectors, heightened consumer expectations for seamless service, and a rising need for scalable solutions to manage large loan portfolios.
Key trends expected to influence this period include advancements in AI-driven automation for enhanced efficiency, blockchain technology for improved transparency and security, integration of advanced analytics for better decision-making, innovations in digital platforms for streamlined borrower interactions, and the adoption of cloud-based solutions for greater scalability.
The rise in business startups is expected to drive the growth of the loan servicing market. For example, according to the United States Census Bureau, a US-based federal agency responsible for conducting the U.S. Census and gathering demographic data, the number of business formation applications in the U.S. rose from 428,718 in January 2023 to 447,499 in January 2024. Thus, the increase in business startups is driving the growth of the loan servicing market.
Key companies in the loan servicing market are focused on delivering innovative solutions, such as loan servicing platforms tailored for direct lenders to streamline loan management, enhance operational efficiency, and improve borrower experiences through automation and advanced analytics. For instance, in February 2024, LoanStreet Inc., a US-based technology provider for loan trading, reporting, analysis, and servicing, introduced its Corporate Loan Servicing platform for bilateral and syndicated corporate loan portfolios. This cloud-based solution consolidates all corporate deal participants into a single centralized location, enhancing efficiency and collaboration. By replacing traditional methods such as Excel spreadsheets, emails, and document management folders, the platform provides lenders with a unified source of truth for tracking and managing loans.
In August 2023, Mr. Cooper Group Inc., a US-based provider of residential mortgage services, acquired Home Point Capital Inc. for $324 million. This acquisition adds approximately $83 billion in mortgage servicing rights to Mr. Cooper's portfolio, advancing its goal of becoming a $1 trillion servicer. Home Point Capital Inc. is a US-based company specializing in mortgage origination and loan servicing, providing residential mortgage loans and related services.
Research Scope
Markets Covered:
1) By Type: Conventional Loans; Conforming Loans; Federal Housing Administration (FHA) Loan; Private Money Loans; Hard Money Loans
2) By Component: Software; Service
3) By Deployment: On-Premise; Cloud-Based
4) By Lender Type: Local Bank; Government-Sponsored Enterprise (GSE); Private Organization
Key Companies in the Loan Servicing Market: Wells Fargo & Company; HSBC Holdings plc; Citibank N.A.; U.S. Bancorp; PNC Financial Services Group Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $2.51 Billion |
| Forecasted Market Value (USD) by 2028 | $4.64 Billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
Companies Featured
The major companies profiled in this Loan Servicing market report include:
- Wells Fargo & Company
- HSBC Holdings plc
- Citibank N.A.
- U.S. Bancorp
- PNC Financial Services Group Inc.
- M&T Bank Corporation
- Fifth Third Bank
- Regions Financial Corporation
- Fairway Independent Mortgage Corp.
- Rocket Mortgage
- Flagstar Bank
- Fairway Independent Mortgage Corp.
- Rocket Mortgage
- Flagstar Bank
- Zions Bank
- Mr. Cooper Group Inc.
- Caliber Home Loans Inc.
- PennyMac Loan Services Inc.
- United Wholesale Mortgage
- Guild Mortgage
- LoanDepot
- Movement Mortgage
- Ocwen Financial Solutions Pvt. Ltd
- PrimeLending
- The PHH Corporation
For more information about this report visit https://www.researchandmarkets.com/r/f90ffj
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