Press Releases | August 05, 2010
MERS Awards Seven-Year Mortgage Services Contract to Genpact
August 05, 2010
NEW YORK - August 5, 2010: Genpact Limited (NYSE: G), a global leader in business process and technology management, today announced that it will provide mortgage services support and member-facing helpdesk services for MERSCORP, Inc. (MERS), the mortgage finance industry’s electronic loan registry system. More than 60 percent of all newly-originated mortgages are registered on MERS.
Under this significant seven-year agreement, Genpact will perform business process services in the United States for MERS, including managing the receipt, identification and delivery of mortgage-related correspondence on behalf of MERS 2,500 members while working to improve the quality and accuracy of the underlying business processes. Typical mortgage-related correspondence includes physical and electronic receipt and delivery of recordable documents, notices of foreclosure or bankruptcies and requests for discharge of a mortgage. Genpact will also manage the MERS helpdesk operations and drive improvement in service quality to MERS member companies while lowering costs. Genpact will begin providing the services in December 2010.
"In keeping with our mission, we are constantly looking at ways to further improve the quality of our critical services to members,” said R.K. Arnold, president and CEO, MERS. “Genpact presented us with a compelling solution, and we felt our commitment to service excellence and quality could be heightened by taking advantage of Genpact’s end-to-end process thinking and methodology as well as their recognized mortgage services capabilities."
“MERS and Genpact have been working on a highly coordinated transition plan and MERS members should expect no disruption in service as a result of the planned migration,” Arnold added.
"MERS has long been recognized as a critical provider to its mortgage industry members” said ‘Tiger’ Tyagarajan ,COO of Genpact. “It has been at the forefront of making the industry more efficient and transparent. We are really excited that we can bring our unique and proprietary framework around processes, Smart Enterprise Processes (SEPSM), to drive customer service quality up for MERS. Genpact is honored to be MERS’ new outsourcing partner through this critically important engagement.”
MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Its mission is to register every mortgage loan in the United States on the MERS® System. Since 1997, more than 65 million home mortgages have been assigned a MIN and have been registered on the MERS® System.
"Genpact, through its Mortgage Services business, delivers specialized mortgage support to a number of leading industry participants, leveraging its unique Smart Enterprise Processes (SEPSM)approach that combines process excellence, technology, analytics, re-engineering and insights into one framework to drive the overall effectiveness of its mortgage clients’ critical business processes. For MERS, Genpact will leverage key components of its (SEPSM) approach, including using a proprietary technology solution, mortgage talent sourcing, and quality assurance to improve accuracy and member satisfaction.
Genpact is a global leader in business process and technology management, offering a broad portfolio of enterprise and industry-specific services. The company manages over 3,000 processes for more than 400 clients worldwide. Putting process in the forefront, Genpact couples its deep process knowledge and insights with focused IT capabilities, targeted analytics and pragmatic reengineering to deliver comprehensive solutions for clients. Lean and Six Sigma are an integral part of Genpact’s culture and Genpact views the management of business processes as a science. Genpact has developed Smart Enterprise Processes (SEPSM), a groundbreaking, rigorously scientific methodology for managing business processes, which focuses on optimizing process effectiveness in addition to efficiency to deliver superior business outcomes. Services are seamlessly delivered from a global network of centers to meet a client’s business objectives, cultural and language needs and cost reduction goals.
As the real estate finance industry’s utility, MERS saves lenders time and money by reducing paperwork when trading residential and commercial loans. MERS also operates the MERS® eRegistry, the system of record which identifies the owner and custodian of an eNote. For more information, see www.mersinc.org.
For more information:
Genpact Media Relations
Gail Marold, +1 919-345-3899
Kristen Stippich , +1 212-880-5278
Arunita Duttai, +91 9811740901