How Many Jobs Will Ocwen Send to India?

Now that Ocwen has inked a deal to buy Litton Loan Servicing from Goldman Sachs, the big question on the minds of rank and file workers at Litton is this: just how many servicing jobs will be lost to India? Ocwen is well known in the industry for operating call centers in Mumbai and it’s anticipated that it likely will add to its base over there. We’re told that Ocwen’s India operation is involved in making telephone calls to remind borrowers to make their payments and reconciling numbers. Before the housing/mortgage crash of 2007 several mortgage firms were starting to outsource grunt servicing and production work to India, but it appears the trend has slowed somewhat. As one servicing manager told us: “India is starting to get expensive.”