First National Bank of Arizona has awarded Accenture one of the mortgage industry’s first-ever end-to-end post-closing business process outsourcing (BPO) assignment. Financial terms of the two-year contract were not disclosed.
Accenture will provide the bank with file-room services including imaging to convert paper documents into electronic form, indexing to capture relevant information in digital form, workflow services to speed processing, performance metrics spanning the process, and data and document review to confirm that loans have met underwriting, servicing and secondary-market salability requirements.
Accenture will deliver the service both onsite and through its Global Delivery Network, which includes more than 40 centers in 30 cities around the world. Accenture will also utilize on-demand technology for mortgage-industry imaging, application integration and business process management from Epitome Systems, Inc.
Post-closing mortgage processing is a black hole for originators today because of the huge volumes of paper and the need for many people to shuffle and review that paper. Digitizing this material opens significant opportunities in other parts of the processing value chain. Additionally, when originators are looking to better match lower mortgage volumes and expense, outsourcing can provide a variable and more predictable cost.
Source(s): Phoenix dBusiness News