ISGN’s new CEO took the reins of the mortgage technology and outsourcing provider Monday, marking the first time that the international corporation’s chief executive will be based in the U.S.
Ritesh Idnani comes to Melbourne, Fla.-based ISGN from Infosys BPO Limited, a business process outsourcing unit of Infosys Group, where he served as chief operating officer and senior vice president.
ISGN’s co-founder, vice chairman and outgoing CEO, Krishna Srinivasan, remains with the company as its executive vice chairman.
According to an ISGN release, Idnani oversaw Infosys BPO’s revenue growth from $40 million to approximately $500 million annually over the past six fiscal years, dating back to 2005.
In an interview with Mortgage Technology, Idnani said he sees an opportunity for a similar trajectory at ISGN. Describing what he called the “next generation of business services firms,” the 39-year-old outlined a number of key attributes that he believes differentiate ISGN from both generic BPO providers and mortgage vendors that only provide technology. Among those, he said domain expertise, end-to-end capability, the combination of both technology and fulfillment components, as well as analytics, are driving organizations like ISGN.
“ISGN does all of that. So if we can continue to be relevant to the lending community and we can be the transformational partner of choice to the lending community—which will require us to constantly focus on a culture of innovation, new product introductions and speed of response to address the ever-changing market environment—I think we will have done well,” Idnani said.
In addition to navigating market dynamics, Idnani will be charged with managing the expectations of ISGN’s investors. In August, those investors, New Enterprise Associates, IndoUS Venture Partners and Chambal Fertilisers and Chemicals Limited,
“They see the opportunity out there for us to create something that is uniquely different and therefore, they continue to back us,” Idnani said. “Knowing that we have that access is something that’s extremely appealing and attractive to us because it allows us to go forth on our journey convincingly.”
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“We’d like to believe that if we do put all the building blocks in place and scale this business to something meaningful and continue to be relevant to our clients, we should be able to create the building blocks for maybe a public listing,” he said.
ISGN was formed in 2006 through the acquisition of Dynatek’s MORvision loan origination system and mortgage Web services and wholesale lending platform MortgageHub. The company added Fair Isaac’s Diamond LOS in 2007 and Fiserv’s Fulfillment Services business in 2009. In 2011,
The company also offers outsourcing services. Combined with its servicing system of record and default servicing platform, ISGN can provide lender/servicers with technology and services that span from point of sale to default and real estate owned disposition.
ISGN maximizes its earning potential with clients that use both its technology and outsourcing. For example, a lender using ISGN’s LOS has its staff of loan officers handle the point of sale duties and outsource its underwriting fulfillment, with all participants on the same system.
But that ideal scenario isn’t always how it works. Many lenders and servicers that use ISGN for outsourcing are committed to their technology platforms, requiring ISGN to not only have access to other software, but also a BPO staff knowledgeable on the other platforms. With lender/servicer clients that span from midsize originators to large banks, Idnani said ISGN can present diverse examples of how clients utilize its capabilities.
“In some instances, they’re using some technology solutions, in other instances, they’re look at the full complete solution itself, which might include a services component,” he said.
