Visionet BFSI

Mortgage lenders are required to work with several vendor partners considering that loan processing is highly labor-intensive and involves a  lot of paperwork. While some companies consider working with mortgage process outsourcing company, the leading players nowadays prefer the  Offshore Delivery Centre or the ODC model. Read more

The effect of the COVID-19 pandemic is being felt far beyond the number of people who are infected. In the US, more than 22 million Americans have filed for unemployment aid since President Trump declared a  national emergency. There has been a staggering loss of jobs that has wiped out a decade of employment gains and pushed families into crisis. Read more

In a recent release, MBA quoted ‘With unemployment rising to a record 14.7 percent in April, it is inevitable that mortgage delinquencies would increase as well. 33.5 million U.S. workers applied for unemployment benefits in the past seven weeks, and with signs of economic distress continuing into the second quarter, mortgage delinquencies will likely further increase. Continue reading...

Mortgage rates have hit their lowest point in more than three years. This time though, they aren’t setting the stage for a highly competitive homebuying season. In fact, a massive shutdown of the economy has caused homeowners and potential homebuyers to back away from the mortgage market. As per recent figures from the Mortgage Bankers Association’s (MBA) seasonally adjusted index, total mortgage application volume fell by 29.4% as compared to the previous week. MBA experts say that “homebuyers might continue to hold off on buying until there is a slowdown in the spread of the coronavirus and more clarity on the economic outlook.” Continue reading...

The need to improve the digital footprint and improve consumer experiences has always been felt in the BFSI sector. The current global pandemic gave it a major push. Financial institutions are increasingly reassessing their business models, core systems structure, and commitment to innovation while continuing to cater to their customers. Read more..

The effects of digitalization and changing business landscape have touched every area of life, and all eyes have been fixed on the mortgage industry of the US to see how it adapts to the changing conditions. US  Mortgage Industry has been a large cooperative network. It is a major financial sector in the US. Read more..

For businesses like mortgage lending, which are very labor-intensive,  Offshore Delivery Centers or ODCs are beneficial as they help to increase productivity while achieving cost-effectiveness.

With mortgage sensitized ODCs, lenders are beginning to see significant benefits. Such a setup offers them a capable resource base that is specifically trained on their processes along with ready IT  infrastructure. Read more

Continued low-interest rates likely mean that 2020 will have the  largest refinance volume in eight years, as per the latest forecast from  Fannie Mae.

For the fourth week in a row, the Mortgage Bankers Association also reported an increase in purchase application activity, although it is still 10% lower than it was a year ago. Read more

All of us know that the mortgage business must cope with fluctuating volumes. Mortgage Lenders are often left working overtime when the volumes go high, scrambling to hire staff only to let them go when the  volume goes down. Onboarding loans from multiple sellers can also prove to be time-consuming, leading to poor results and inaccuracy. Read more

The mortgage industry works in a paper-intensive environment. On average, there are more than 25 types of documents for the retail mortgage loan origination process, over 15 in correspondent lending, and over 10 in mortgage servicing rights. Read more