RP Sanjiv Goenka Group

HFS Point of View

From outsourcing to innovation: partnering to revolutionize mortgage servicing

HFS - Point of View

The research analyzes how outsourcing can be a gateway to innovation and adoption of emerging technologies in the mortgage servicing business.

Adoption of mortgage technology will take center stage in the rapidly transforming competitive landscape and we’re seeing lenders embracing innovation in their origination businesses, adopting the latest and greatest emerging technologies. But, unfortunately for lenders, Mortgage servicing is a high-cost, manually intensive process, and the increasingly small margins mean lenders struggle to find the capital needed to fully embrace the digital era.

HFS has already taken a deep dive into the mortgage origination business and declared that “disruption, not duct tape, is the key for mortgage transformation.” In response, we’re finally seeing lenders embrace innovation in their origination businesses, adopting the latest and greatest emerging technologies. But, unfortunately for lenders, it’s a similar story for mortgage servicers—they have thus far struggled to fully embrace the digital era. To understand why, we connected with Sourcepoint, a leading business process outsourcing (BPO) provider specializing in mortgage services, and separately spoke to one of its clients, a mortgage servicing leader. We discussed the challenges both companies face, the relationship between provider and enterprise, and how they are revolutionizing mortgage servicing together.

Mortgage servicing is undeniably manually intensive. Lenders have historically had to nurture a sizable workforce with state-specific licensure requirements to manage loan administration, operate call centers, handle customer queries, and complete the back-office tasks required to ensure it meets all customer demands and manages the mortgage correctly through its entire lifecycle. Not only this, but thanks to the strict regulations in the mortgage industry, lenders must employ teams to ensure their call center associates are compliant – asking for all the correct information and handling all personal data securely. These regulations and requirements mean that mortgage servicing is a high-cost, manually intensive process, but the increasingly small margins mean lenders struggle to find the capital needed to invest in innovation—often hampering efforts to streamline processes.

"Change is just a synonym for transformation. That is exactly what value we are trying to deliver to our clients"

Steven Schachter,
Market Leader and Head of Mortgage
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    Eddie Monteiro

    Eddie is currently Chief Operating Officer at Educational Testing Service (ETS), where he sets and drives the transformation agenda across the company and has responsibility for all technology and operations functions in addition to the College Board, K-12, and teacher licensure businesses. He previously ran business and technology services at Pearson, where he built a global team to enable scalable delivery of enterprise functions. Prior to that, while at IBM, he held several executive leadership roles in the US, Mexico and Brazil across a diverse set of industries and clients.
    Geetha Krishnan

    Geetha Krishnan

    Geetha Krishnan consults with the Indian Institute for Human Settlements in Bangalore as Senior Advisor and Head of Digital Blended Learning, where he spearheads their online learning and continuing education portfolio. Over 25 years, Geetha has played senior roles in diverse sectors such as academia, online learning, and advertising. In his last role as Director – Centre for Executive Education at the Indian School of Business (ISB), Geetha was head of the profit center comprising more than 50 open enrollment and long duration programs and spearheaded ISB’s foray into online learning by enabling their partnership with Coursera.
    Susan Aldridge

    Susan Aldridge

    Dr. Aldridge is an Executive Higher Education Consultant to university presidents and ministers of education regarding business models and technology-enhanced education. She recently retired from Drexel University after serving six years as president of Drexel University Online overseeing more than 125 online programs. During her six-year tenure as President of University of Maryland Global Campus (UMGC), she doubled the university’s enrollment to 97,000 – to become the largest public American university. She also served as Vice Chancellor for Troy University’s Global Campus managing online programs and satellite campuses in 12 countries and 17 states.

    Alan Greenberg

    Alan Greenberg

    Previously Director Apple Education EMEA and APAC, Alan led the team that built Education Podcasting and iTunes U. He has worked on the development of Apple Education mobile strategy, iOS Education APPs, and developed the SEED CSR project in China, a collaboration between Apple, Foxconn, and Pearson. Executive Board of WideCells Group Plc, Group CBDO, and EVP & Founder of Wideacademy; his working contributions include multiple technology engagements providing domain expertise across digital, mobile, brand, scale-up, international business development, and venture capital.

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