How big is US Mortgage industry ? Is there scope for digital transformation regardless of current market condition ?

How big is US Mortgage industry ? Is there a big scope for digital transformation regardless of current market condition?

Mortgage debt in US is at $11.18 Trillion as of 2022-QA and it is continue to grow, comparing it with credit card debt which is only $841 billion dollars, this market never crossed a trillion dollar. When it comes to credit cards management although it never crossed $ 1 trillion, the digital platform employed to manage end to end process is lot more efficient , be it leads management, application process, card issuance, fraud detection , collections, credit reporting etc., Its not difficult to achieve same efficiency (digital maturity) for mortgage industry through digital transformation for every aspect of mortgage ( origination, servicing, capital market, default management, credit reporting, servicing transfer, secondary mortgage, HELOC etc.,

Now the question is will there be good economic benefits ( ROI) for every player in the market from mortgage originator to servicer, to customers, to investors?

"Balances Mortgage balances shown on consumer credit reports increased by $250 billion during the first quarter of 2022 and stood at $11.18 trillion at the end of March. Balances on home equity lines of credit (HELOC) were relatively flat and have been for the past 3 quarters, bucking a declining trend in place since 2016Q4; the outstanding HELOC balance stands at $317 billion. Credit card balances declined by $15 billion, a typical seasonal change. Credit card balances had declined significantly in the first year of the pandemic and remain $86 billion lower than at the end of 2019. Auto loan balances increased by $11 billion in the first quarter. Student loan balances now stand at $1.59 trillion, and increased by $14 billion in the first quarter of 2022. In total, non-housing balances grew by $17 billion, boosted additionally by a $7 billion increase in other balances, which include consumer finance loans, retail cards, and unclassified loans. " - By New York federal reserve