The Hindu Business Line : Equinox sees big growth in mortgage outsourcing

Hyderabad, Aug. 5 With the US mortgage industry increasingly automating its processes, there is good likelihood that it will outsource the bigger chunk of the work to service providers in India, according to Equinox Corporation, which is part of i-flex.

The Executive Vice-President of Equinox Corporation, Mr Arin Brahma, said “the US mortgage business is huge and will continue to grow.

Processing is quite complex with the need to scan more than 350 pages, handling different formats while conforming to compliance regulations.”

The process requires a fair degree of analytical skills. While the automation presents a big business opportunity, there is need for considerable analytical capability to handle the different sets of loan documents.

For an Indian service provider, the challenge is two-fold — one, to understand and assimilate US mortgage rules, which are very different from Indian rules, and, second, the expertise to analyse available data to generate accurate reports, Mr Brahma said.

Global process model

To address this need, Equinox has developed a global framework that simplifies mortgage processing.

The mortgage market is estimated at more than $3 trillion in the US alone, and trends point towards more potential for outsourcing to countries like India. This is because the companies are now opening up to outsourcing this aspect, he said.

Mr Brahma told Business Line that the i-flex Global Processing Model enables companies to handle the complex mortgage processing in an outsourced model. This fits well with the US companies’ quest to simplify and expedite the loan process.

With partners such as Newgen Software, which automates imaging work, Equinox uses various automation tools and simplifies the entire transaction process, conforming to regulatory issues.

The company employs over 1,200 people and plans to expand this framework to support banking, insurance and other financial services, he said.

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