Genpact Ltd. has 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 the terms of the 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 chief executive officer of 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."
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.
“MERS has long been recognized as a critical provider to its mortgage industry members,” said Tiger Tyagarajan, chief operating officer 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.”
Genpact, through its mortgage services business, delivers specialized mortgage support to a number of leading industry participants, leveraging its 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.
For more information, visit www.mersinc.org or www.genpact.com.