US Technology, a leading provider of IT services and Business Process Outsourcing BPO solutions for Global 2000 enterprises, announced today that a global leader in credit and information management has added additional services to the three-year agreement they signed earlier this year with US Technologys mortgage BPO division. The client, a major provider of settlement services to the mortgage lending industry, selected US Technology to support their appraisal valuation business based on the overall US Technology mortgage banking and financial services background and the extensive experience of its on site and offshore teams.
The client had built their appraisal business from a regional to a national level and was ready to increase their market share. Yet appraisal business growth, along with competitive pressures, had challenged their operations and profit margins. They first needed to create as many efficiencies as possible in their operations in order to offer more competitive pricing and raise their profit margins. They also needed to hire more staff to support their long-term growth and market share goals but did not want to have to sacrifice staff as volumes and pricing fluctuated in the marketplace. By outsourcing newly created operational positions to handle their growing market share, the client would be able to maintain current service levels and would not have to layoff staff.
The client had investigated several vendors to provide outsourcing services for these new positions. They wanted to find a vendor that had the experience and understood the importance of the work they needed to get done, said Ram Dhindhwal, president, mortgage BPO operations, US Technology. US Technology recognized the situation they were in and the criticality of the work involved. Key management told us that they had peace of mind knowing the US Technology team could handle the job.
In less than six months US Technology had earned early accolades and the clientรข€™s trust through the quality of the US Technology team, methodologies and performance. The client added the following services to their agreement:
Appraisal valuation
Vendor management
Post closing work
The original agreement provides a team from US Technology to process orders, work with contract appraisers and review the final appraisal to ensure that the information is complete. US Technology has set up two shifts to handle the volume of work.
The US Technology team went live with the clients mortgage BPO services on March 4, 2007. The client was able to be more competitive in obtaining new customers with an expanded capacity and the lower operational costs that US Technology provided. With their extended back office team in place, the client was able to acquire additional customers including the entire appraisal business of a Top 10 national bank. They were able to handle this new volume of business in part due to the ability of US Technology to quickly ramp up the staff to handle both the volume and accuracy of the banks needs, which was a major priority.
This client will have a 35 to 45 percent cost savings along with the ability to ramp up and pare down staff quickly depending on current volume levels, continued Ram Dhindhwal. Eventually, the pricing could be restructured from a per person cost to a transactional price. This will lead to further cost savings, more cost predictability and the ability to adjust costs immediately to volume levels which is a mortgage servicing industry first.
The US Technology Mortgage BPO practice, which ranges from loan origination processing or any portion thereof to loan servicing, helps mortgage lenders and mortgage services providers significantly reduce their back office processing costs while improving processing efficiencies. The BPO services enable lenders and service providers to retain complete control of their operations while providing them with the ability to scale up or down during market fluctuations
1 comment:
Congrats.....To the team
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