Mortgage Process Outsourcing is the new mantra for Indian IT and BPO companies, who expect to double their revenues from this source to $316 million this year from $158 million in 2009, according to a report by HfS.
Regulators in the US are tightening the mortgage verification process, and the BFSI sector has spotted the merit in outsourcing mortgage processing services, ranging from loan verification, underwriting services, documentation for claims and counter claims, and foreclosure services. Banks and mortgage companies want to outsource documentation to third-party Indian IT/BPO vendors, so that they can focus on their core business.
The move offers significant cost benefits and is driven by the need to manage deteriorating portfolios. Vendors are expected to provide either the platform or platform enhancements. Infosys, TCS, Accenture, Cognizant, and Wipro reportedly have capabilities in mortgage processing. The Infosys BPO has a 400-member strong team providing mortgage services to its clients. Accenture acquired Zenta, a residential and commercial mortgage services provider, while Cognizant bought the India operations of Core Logica in 2011 to strengthen its mortgage service capabilities. With the acquisition of mortgage solutions provider South Gallagher Financial Systems in 2008, Wipro equipped itself for mortgage process outsourcing delivery.
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In addition to cost efficiencies, analytics capabilities are being viewed as key differentiators among Indian vendors.