Genpact to offer new services for US mortgage industry
SOURCE: Genpact
Date: June 5th, 2009
Genpact is offerings a web based suite of tools to lenders for loan modification services. The processing of these will be supported by US based Genpact locations in Irvine, CA and Wilkes-Barre, PA.
Genpact’s claim is that the program will reduce cost of 40% for the lenders.
Loan Modification programs are typically programs assisting the home owners in modifying their existing mortgage agreements with their lenders to ensure the consumers can work out a workable solution with the lenders to keep their house. This could involve refinancing existing loan, avoiding foreclosure, extending loan facilities.
Loan modification programs are fairly complex and need to be tailor made to support Federal and State regulatory bodies and given the current economic scenario in the US are lined with potential politically sensitive issues.
Looks like genpact is offering services to potential lenders from setting up loan modification programs, to executing those to monitor these programs. Typically web based tools will help with this process but underlying processing capabilities are critical to success of such a program. Genpact seem to be doing the right thing and following the right strategy on this service by offering local processing support for these programs vs using offshore resources.
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