SOURCE: Press Release
DATE: March 24th, 2010
Genpact , a leader in managing business processes, today announced that Genpact Mortgage Services has made an equity investment in High Performance Partners, LLC (HPP), a leader in the mortgage industry focused on developing and applying innovative technology solutions. Under this agreement, Genpact will leverage its Smart Enterprise Processes (SEP(SM)) for mortgage services — a groundbreaking, rigorously scientific methodology for managing end-to-end originations and modifications — and HPP’s software technology to provide mortgage clients with the capability to decrease cycle times, automate loan processes, increase pull-through ratios, and significantly reduce processing and hedging costs.
“The combination of Genpact’s mortgage services capabilities and HPP’s technologies provides a game-changing proposition to the market,” said Taylor Woods, president of Genpact Mortgage Services. “Most loan originators and servicers work with antiquated data systems that impede processing, causing enormous inefficiencies as well as significantly extended cycle times when demand increases. Through our integrated solution, not only will we deliver automation for mortgage originations, but our experience in loan modifications presents a unique opportunity to help our banking and financial services clients efficiently and effectively work through the millions of mortgage loans that must be modified,” he added.
Traditionally, the mortgage industry has borne both the burden of managing dramatic volume fluctuations in originations and is now managing a massive volume of loan modifications. To compound that challenge, mortgage processes are very labor intensive and manually based. Genpact’s solution allows lenders and servicers to strategically engage customers or any portfolio of loans and, using machine-readable data, process applications faster and more effectively.
HPP’s technology suite includes Web-enabled solutions such as a borrower “help yourself” portal and automated data provisioning and decisioning tools that can be quickly deployed with limited up-front time or cost. These tools are delivered through a Software-as-a-Service (SaaS) model which can be easily appended to the clients’ existing systems. The HPP Quantum technology, combined with Genpact agents providing mortgage expertise on an onshore, offshore or blended-shore basis, provide clients with a comprehensive end-to-end solution or a componentized solution.
The systems and tools are already in use by Genpact and HPP and require no change by clients. This solution can reduce the loan origination or modification process timeline to as little as five days from application to ready-for-closing. Additionally, the impact is not just felt by improved cycle times, but is also measurable in terms of improved customer satisfaction, increased market share, greater pull-through ratios, reduced manual process effort and reduced costs.
“Our decision to work closely with Genpact was based on our customers’ need for complete solutions and services to help businesses innovate, automate, integrate and manage the loan processes,” said HPP President Roger Hull. “By jointly going to the market, we can leverage our innovative technologies and use automation to improve the effectiveness of loan processing in a much more meaningful way than has been employed thus far in this industry.”
Genpact Mortgage Services based in Irvine, California, delivers specialized mortgage support from locations in the US and abroad. Genpact combines its global delivery capabilities with history of process focus, innovative analytics and superior customer service to provide the right solution at competitive prices and increase efficiency in the process. HPP provides innovative technology-based solutions to the mortgage origination and loss-mitigation market based on the premise of eliminating documents in favor of using structured data to automate key processes and decision making in the mortgage process. HPP and Genpact are already working together with existing clients and, based on the success of their relationship in delivering value under the model, have entered into a more strategic relationship.
About Genpact
Genpact is a leader in managing business processes, offering a broad portfolio of enterprise and industry-specific services. The company manages over 3,000 processes for more than 400 clients worldwide. Putting process in the forefront, Genpact couples its deep process knowledge and insights with focused IT capabilities, targeted analytics and pragmatic reengineering to deliver comprehensive solutions for clients. Lean and Six Sigma are an integral part of Genpact’s culture and Genpact views the management of business processes as a science. Genpact has developed Smart Enterprise Processes (SEP(SM)), a groundbreaking, rigorously scientific methodology for managing business processes, which focuses on optimizing process effectiveness in addition to efficiency to deliver superior business outcomes. Services are seamlessly delivered from a global network of centers to meet a client’s business objectives, cultural and language needs and cost reduction goals. Learn more at www.genpact.com.
About High Performance Partners (HPP)
High Performance Partners is an industry leader in developing and applying innovative technology solutions. HPP’s founders have a combined 100 years experience in developing successful software platforms for the mortgage industry. HPP is a pioneer in leveraging machine-readable data to streamline mortgage processes and create transparency. The company’s technology platform, Quantum, is providing transformational performance for mortgage lenders.
