Loan Management Platform
A loan management system is a digital platform that helps automate every stage of the loan lifecycle, from application to closing. The traditional loan management process is meticulous, time-consuming, and requires collecting and verifying information about applicants, their trustworthiness, and their credibility. Further, the process involves calculating interest rates and supervising payments. A loan servicing software not only automates these procedures but also provides useful analytics and insights for lenders and borrowers. The stage for the growth of the lending software market has been set by the ongoing digitization of businesses, and stricter regulatory requirements forcing financial companies to build loan software to handle growing workloads and meet regulatory challenges. The market for loan servicing systems is expected to reach $4,812 million by 2028 and is currently growing at a steady CAGR of 12,19%. When it comes to loan software market share by region, North America is leaving other countries far behind. The staggering growth of the loan solution market in this world region is driven to a large extent by the state of the US mortgage market, now fully recovered from the crisis of 2007/8. With gross mortgage value reaching $83.3 billion in 2021, investing in mortgage app development makes perfect sense for lenders based in the United States.