Equinox, the business process outsourcing arm of i-flex solutions, today launched iGPM (i-flex Global Processing Model), a fully managed end-to-end electronic loan processing solution for Mortgage Bankers.
iGPM makes lending completely paperless while automating workflow of all tasks in the loan origination process. iGPM is based on image driven work flow technology and a sophisticated rules engine that allows mortgage bankers to leverage distributed processing for end-to-end loan fulfillment. It enables paperless loan processing on a global scale with the use of an optimum mix of onshore and offshore resources, location independent processing and a bundled technology platform.
Don Ganguly, CEO of Equinox says, "iGPM will revolutionize the way mortgage lenders process and service loans and they will realize a significant increase in productivity and reduction in processing costs. The introduction of iGPM underscores Equinox's leadership in the global Mortgage Process Outsourcing."
Equinox has been rated the No.1 Outsourcing vendor to the Mortgage Banking industry by The Black Book of Outsourcing in 2006
Arin Brahma, EVP Equinox and architect of the iGPM vision says, "iGPM's comprehensive capabilities enable real-time dash boards, intelligent workflow management, imaging and configurable business rules. iGPM's rules driven electronic work queues eliminate inter process wait times. This leads to rapid condition clearing and faster response to brokers and consumers. Its digitization module allows image based underwriting and processing. This makes loan processing more efficient and completely location independent".
"The tough mortgage processing environment needs breakthrough solutions like iGPM. Banks that adopt this solution can stand out among the competition and ultimately enjoy increased profitability," added Mahesh Rao, CEO of i-flex Processing Services Limited. i-flex Processing Services Limited is responsible for the expansion of i-flex into the areas of KPO and BPO in the financial services industry.
According to a study by Avendus, in 2005, 10.5 million residential mortgages were originated in the United States. With the average cost of originating a mortgage at $1505, lenders spent $15.8 billion in origination processing costs in 2005. A combination of Technology and Best Shores Processing can save customers up to 50% on their current costs. The addressable market for Best shores origination processing alone is around $5.7 billion. iGPM can cater to this opportunity significantly and will change the way outsourcing and offshoring is done.
This solution can help mortgage banks differentiate themselves by delivering quality loan processing with real time visibility and faster turn around times at a lower cost As a result, banks will build more profitable customer relationships and increase customer loyalty.
This fully managed end-to-end loan processing solution includes origination processing post closing, and servicing processes. It additionally offers day-to-day management of all loans and proactive monitoring through a high-end, secure software environment. It can work seamlessly with the lender's current Loan Origination System. Lenders also have the option of using i-flex's state-of-the-art Loan Processing Platform and an optimum mix of onshore and offshore resources. All this is on a pay per loan basis.