Servicers are creating offshore call centers and conducting heavy outsourcing in places like India and Mexico, according to panelists at the SourceMedia Mortgage Servicing Conference in Dallas.Option One Mortgage Corp., which has a call center in Guadalajara, Mexico, has employees who spend at least 60 minutes per call helping Spanish-speaking borrowers. Teji Singh, Option One's chief servicing officer, said domestic calls in the United States have an 86% success rate compared with 83%-84% for offshore calls. "There is no difference if you train them well," she said. "Seventy-eight percent of mortgage lenders will outsource. It takes tremendous effort and tenacity to put up a call center on the other side of the country." A very small percentage of calls are sent back to the United States because borrowers did not want to talk with non-U.S. agents, she added. Countrywide Home Loans, Calabasas, Calif., has also seen very positive results with offshore call centers, a panelist said. In India, their agents handle front-end collections, dealing with borrowers who are one or two payments late.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
6h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27