Market Analysis: The Future Of The Correspondent Channel

*The Future Of The Correspondent Channel*
**By Tony Garritano**

***Everyone asks: Is correspondent dead? I respond: Sure, a lot of the bigger players may be pulling back or exiting, but that doesn’t mean the space is gone. In my estimation, it just needs retooling. It needs a fresh approach. New entrants will reinvent how correspondent lending is done. What correspondent really needs is technology to create a more trusted process. I was told of a company offering technology to do just that. The purpose of this new automated solution is to help this sector of our industry shoot back to life. Here’s the scoop:

****Genpact Limited, a business process and technology management provider, has released virtual correspondent and private-label origination applications for its Quantum Mortgage Operating System (MOS). The applications are leveraged with Genpact’s Mortgage Business Process as a Service offering (BPaaS), which combines the technology with Genpact’s business process services, data analytics and mortgage domain expertise.

****The virtual correspondent and private label applications combine Quantum MOS’ data-centric loan automation platform with Genpact Mortgage Services’ BPaaS offering to increase effectiveness and reduce the loan cycle time by as much as 30%. The applications can be set up in either a delegated or non-delegated model, enabling users to customize the workflow to best suit the needs of each lender.

****“Lenders who can push enterprise software to their correspondents while also leveraging business process services in the back office will be able to realize lower costs and quicker closing times,” said Roger Hull, vice president of Genpact Mortgage Services. “Genpact’s Quantum MOS private-label and virtual correspondent applications utilize a correspondent web portal, underwriting apps and automated quality control processes to increase accuracy, ensure compliance and improve risk transparency.”

****The private-label origination and virtual correspondent applications are hosted within Genpact’s Quantum MOS, which uses a data-driven approach to automate every step of the loan process. The platform combines automated decision-making, highly efficient processing, and file transparency to provide valuable data and insights for more accurate underwriting.

****“To be profitable in today’s market, lenders must eliminate as much waste in the pipeline as possible without sacrificing quality,” said Rob Pommier, vice president of Genpact Mortgage Services. “Genpact’s Quantum MOS applications enable our lenders to leverage the mortgage ecosystem to quickly, accurately and effectively originate, close and trade high quality mortgage assets through their correspondent channels.”

****You see what I mean, it just takes a little creativity and the willingness to reshape the process to get correspondent rolling again. Stay tuned for some more excited news coming from Genpact. I hope to be able to share it with you soon.