Source: Trinity Partners
Trinity Partners, a leading provider of technology-enabled Business Process Outsourcing (BPO) and IT delivery solutions to financial institutions, today announced First Magnus Financial Corporation, a Tucson-based mortgage lender, has expanded its strategic outsourcing model by using Trinity Partners to offshore additional non-mission critical functions, including policy audits and loan closing processes.
As one of the nation's largest privately held mortgage companies, in the last five years, First Magnus has opened more than 200 offices in 31 states.
"When the refinance market began to ebb, lenders started to look for ways to maintain production by increasing market share," said G.S. Jaggi, president and CEO of First Magnus Financial Corporation. "In order to adapt and remain competitive in the changing environment, we were cognizant of the need to redeploy our staff to focus on production efforts, such as product development, marketing and increasing market share. Being able to offshore the non-mission critical processes and focus on our core business is the real value of outsourcing. It has helped us to reduce our costs and increase our productivity and market share in the industry. We continue to provide the highest level of service to our clients through Trinity's outsourcing solutions."
The Risk Management department at First Magnus began looking for a way to manage its audit process, which examines loans and measures them against internal company policies designed to prevent risk. Trinity has been selected to manage these risk-based audits by validating established criteria in the loan packages to confirm they comply with internal compliance policies. This process is dynamic, and its scope will grow as new policies are developed based on the risks associated with changing market conditions. As new policies are rolled out, Trinity's staff will have ongoing training.
In addition to policy auditing, First Magnus has selected Trinity to execute the offshoring of the closing process to help close loans faster. This process requires a highly skilled workforce to ensure the loan package is correct and in compliance. After confirming the documents are in compliance and proper order, the completed loan package is electronically sent back to the title company. This saves brokers and mortgage bankers time and money, enabling them to close even more loans.
"Trinity is the best BPO provider in the mortgage industry today," Jaggi continued. "Trinity's comprehension of the mortgage vertical offers an enormous competitive advantage. Trinity understands how the business works - in both, the U.S. and India. Trinity has technology expertise, a higher level of domain knowledge and some of the most skilled and talented workers in India. Our success with outsourcing is largely a credit to selecting the right BPO provider. As we expand our outsourcing model, we will continue to rely on Trinity to help us meet our strategic and tactical offshoring goals."
First Magnus began its strategic outsourcing relationship with Trinity in 2003, starting with the back end operations of customer-related business functions. These included loan document indexing and delivery; investor loan delivery; quotes, locks and extension pricing, purchase advice pricing; loan data verification; risk management and quality control processes. Trinity has also assisted First Magnus in the design, development, and maintenance of IT applications, data integration solutions, and reporting solutions.
"Trinity was purpose-built to serve the mortgage industry," said Francesco Paola, vice president of sales and marketing of Trinity Partners. "Trinity's BPO solutions allow clients to effectively and efficiently manage business functions, reducing the costs of operations while improving the quality and productivity of services for their clients. Additionally, Trinity continues to monitor its processes for improvement, consistently working to ensure it maximizes the benefits of BPO for its clients."