According to the research report titled ‘Global Loan Origination Software Market Size study, by Type (On-Demand (Cloud), On Premise) by Application (Banks, Credit Unions, Mortgage Lenders & Brokers, Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global loan origination software market is expected to grow momentously during 2020-2026.
 

With the increasing number of loans worldwide, the loan providers are opting for a system that is efficient and manages sanctions and recovery process in timely manner. Hence, rising number of individuals applying for loans fuels the growth of global loan origination software market. Further, evolving standards of living has propelled the demand for credit cards, contributing to the market growth. According to the U.S. Chamber of Commerce, 176 million people in America held credit cards, as of 2019.
 

For the record, loan origination software digitalizes the manual processes of applying and sanctioning loans. It includes management of various tasks such as origination, underwriting, closing and documentation. The software is majorly used by government agencies, credit unions, private lenders, title companies, and contract service providers. Loan origination software reduces the efforts required to manage large number of loan applications received by end-user industries.
 

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Although, constant threat of cyber-attacks is expected to hamper the market growth, but increasing adoption of e-cards and trend of purchasing products on EMI offer ample of opportunities for global loan origination software market during 2020-2026.
 

Based on type, global loan origination software market is segmented into on-demand (cloud) and on premise. With regards to the application spectrum, the industry is divided into credit unions, banks, mortgage lenders & brokers, and others. 
 

From regional perspective, the industry is bifurcated into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America led global loan origination software market in 2019, owing to adoption of new technologies and growing preference for credit cards in the region.
 

Meanwhile, Asia Pacific market is expected to witness a strong growth rate during 2020-2026 owing to the opportunities created by surging disposable income, improving living standards, and people’s preference for buying products on EMIs.
 

Key players operating in global loan origination software market include Ellie Mae Inc., Tavant Technologies, FICS, Fiserv Inc., Calyx Software Inc., Byte Software, Mortgage Builder Software Inc., PCLender LLC, Wipro, and DH Corporation among others.