Mortgage vendors are entering a new phase of consolidation as they respond to rising regulatory and cybersecurity pressures, according to a white paper released this week by investment banking firm Houlihan Lokey.

Scale is also becoming a decisive advantage for companies that sell mortgage technology and services, a trend that follows a mergers-and-acquisition wave among their clients, including the country’s top lenders and servicers.

“The market is still highly fragmented with many tech-enabled mortgage services vendors that are subscale companies unable to compete with the larger ones,” said John Guzzo, managing director in the firm’s financial services group. “We details ⇒

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