LPS moves to India … What could go wrong?

LPS

US mortgage technology giant LPS opens facility in India

In addition to supporting the LendingSpace platform, employees in LPS India will also provide development quality assurance for the company’s mortgage servicing solutions.

Lender Processing Services, a leading provider of innovative technology, services, data and analytics to the mortgage and real estate industries today announced the opening of its mortgage technology services facility in India. The company handles about 50 percent of all U.S. mortgages by dollar value.

LPS acquired an office in Hyderabad as part of its acquisition of LendingSpace in 2012. LendingSpace provides residential mortgage origination technology, including a unique correspondent lending platform that enhances collaboration between retail originators and their correspondent lending partners in the United States. This new, larger Hyderabad location, which boasts 40,000 square feet, with space for further growth, has an advanced technological infrastructure that will accommodate increases in the number of employees and strengthens LPS delivery of Software-as-a-Service (SaaS) solutions.

In addition to supporting the LendingSpace platform, employees in LPS India will also provide development quality assurance for the company’s mortgage servicing solutions. This work will allow LPS to improve its development cycles, which will benefit LPS’ clients by allowing LPS to deliver products to its clients more quickly.

More here…

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Comments
9 Responses to “LPS moves to India … What could go wrong?”
  1. keepon says:

    HSBC Bank

    http://www.google.com/#gs_rn=23&gs_ri=psy-ab&cp=11&gs_id=1b&xhr=t&q=HSBC+Bank+India&es_nrs=true&pf=p&sclient=psy-ab&oq=HSBC+Bank+I&gs_l=&pbx=1&bav=on.2,or.r_qf.&bvm=bv.49967636,d.dmg&fp=bf052c0b02405963&biw=783&bih=328

    etc., etc. Well, you know what I mean. They must have laws/rules there!

    All a part of Obama’s job creation initiative to strengthen the middle class.

  2. BOBBI SWANN says:

    Just my 2 cents worth but one of those articles above (keepon) is from Standard and Poors, one of the rating agencies that was ever soooo involved in the mortgage fraud. How could you possibly trust anything that comes from them? As to the Bloomberg article I find it hard to believe that US licensed workers in the appraisal division were eliminated. Really??!!! All appraisers have to be licensed to do appraisals and there’s not a single investor out there who would accept one that is not done by a state licensed appraiser! And all of the Bloomberg article is prompted by workers who were anonymous since they were not authorized to comment!!

  3. keepon says:

    As part of our recent review, we examined Ocwen’s operations at its domestic servicing site in West Palm Beach, Fla., and its offshore servicing locations in Mumbai and Bangalore, India. Ocwen maintains most of its servicing staff offshore, which warranted on-site visits to gauge the abilities of those centers, particularly with regard to compliance with U.S. requirements and an understanding of U.S. borrower behavior.

    http://www.standardandpoors.com/ratings/articles/en/us/?articleType=HTML&assetID=1245344276856

    Standard & Poor’s believes that Ocwen’s Mumbai and Bangalore servicing sites are generally well managed and that proper internal controls are in place to mitigate the aforementioned risks, and these aspects support our ABOVE AVERAGE rankings. The offshoring of servicing staff presents some unique challenges, such as turnover

  4. keepon says:

    http://www.bloomberg.com/news/2013-06-27/bank-of-america-said-to-send-property-reviews-to-india.html

    Bank of America Corp. opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost, said four people with knowledge of the move.

    Workers in the new Bangalore office follow checklists to determine if appraisals are complete, said the people, who requested anonymity because they weren’t authorized to comment. The firm also eliminated jobs of licensed U.S. workers in its LandSafe business, the appraisal division of the Charlotte, North Carolina-based company, which made $78.7 billion in loans last year, the people said.

  5. keepon says:

    Is their address going to be the same as the Option One/AHM/AHMSI/Homeward Residential/Ocwen chameleon per chance?

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