Genpact Launches New Services to Aide U.S. Mortgage Industry and Home Owners

Genpact (NYSE:G), a leader in the globalization of services and technology and a pioneer in managing business processes for companies around the world, today announced a new line of services designed to help U.S. mortgage lenders and servicers satisfy the unprecedented demand for loan modifications.

"Right now, 1 out of every 150 U.S. home loans are in foreclosure, 20 million American homeowners have mortgages that exceed the value of their homes and more than 10 million homeowners are seeking refinancing in this low interest rate environment*,” said Bob Pryor, Genpact Executive Vice President & Head of Global Sales and Marketing. "This increase in mortgage activity has placed tremendous additional pressure on the mortgage industry’s already-limited resources. We believe that based on our expertise in streamlining processes, and our record of successful service to the industry, we are uniquely positioned to assist lenders manage this increase in activity.”

In an effort to accelerate the industry’s response to this increased demand, Genpact now offers a suite of U.S.-based services that improve the efficiency and effectiveness of the loan modification process.

Genpact’s approach helps financial institutions boost customer satisfaction levels by simplifying interactions between borrowers and lenders and strives to deliver results that achieve an equitable outcome for all parties.

Genpact’s loan modification services are available to financial institutions as a set of highly-automated, web-based modules that can be rapidly deployed to process modification requests with minimal lead time. These services, delivered by Genpact’s mortgage industry professionals based in Irvine, California and Wilkes-Barre, Pennsylvania, integrate these modules with advanced analytics to develop simplified modification plans. Genpact’s highly-efficient system helps home owners reach equitable agreements with lenders in an expeditious manner while avoiding the stress of complex negotiations.

Genpact’s solutions support the U.S. Government housing reform programs and are designed to address the following areas in which the industry is seeing significant demand:

• Analytics – to facilitate development of viable loan modification strategies;
• Borrower Outreach & Campaign Management – to enable clear communication of modification terms and manage interactions with home owners;
• Loan Modification – to execute the complex financial and accounting processes necessary to complete the modification transaction within the lender’s servicing system;
• Loan Surveillance – to track the short and long-term performance of modified mortgages; and
• Legal & Regulatory Reporting – to demonstrate compliance with federal and state reporting requirements.

"In addition to relieving pressure on lender resources and reducing costs by up to 40%, our approach to loan modifications cuts red tape for the consumer and provides a clear, easy to understand roadmap throughout the modification process,” added Pryor. "While we are focused on helping lenders, we are equally committed to providing industry-leading services that keep people in their homes.”

Bob Gaudet, President of Financial Consulting Corporation and a top advisor to the U.S. mortgage banking industry, said "We have concluded that Genpact’s approach to solving this problem will yield a superior loan conversion rate, at a lower cost, and deliver the best possible outcome for lenders and American home owners.”

Genpact also announced the launch of a new podcast series that will provide periodic updates on the state of the mortgage industry as well as tips on how lenders can better meet consumer needs and improve the health of the industry. The podcasts will be available at www.genpactmortgage.com.

*Source: Mortgage Bankers Association: www.mbaa.org

About Genpact:

Genpact is a leader in the globalization of services and technology and a pioneer in managing business processes for companies around the world. The Company combines process expertise, information technology and analytical capabilities with operational insight and experience in diverse industries to provide a wide range of services using its global delivery platform. Genpact helps companies improve the ways in which they do business by applying Six Sigma and Lean principles plus technology to continuously improve their business processes. Genpact operates service delivery centers in China, Guatemala, Hungary, India, Mexico, Morocco, the Netherlands, the Philippines, Poland, Romania, Spain and the United States. For more information, visit www.genpact.com.