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Andy Efstathiou

Andy is the Banking Sourcing Research Director at NelsonHall where he has global responsibility for Retail and Commercial Banking BPS, Capital Markets BPS, and RPA, AI, and FinTech services in Banking, including consulting, design & deploy, and operations support.

Firstsource - Transforming Mortgage and Loan Services

Vendor Analysis

by Andy Efstathiou

published on Apr 14, 2020

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Report Overview:

This NelsonHall assessment analyzes Firstsource's offerings and capabilities in TransformingMortgage and Loans Services.

Who is this Report for:

NelsonHall’s Transforming Mortgage and Loan Services Vendor Assessment for Firstsource is a comprehensive assessment of Firstsource’s Digital Banking Services offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of mortgage and loan process outsourcing and identifying vendor suitability for Transforming Mortgage and Loan Services RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of transformation of mortgage and loan services offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Firstsource commenced operations for its lending services business in 2003. Key steps to building its M&L services business include: 

  • Credit card operations: The first client was a tier-one banking client based in the U.K. that required support for credit card operations. 
  • Card collections: In 2004, Firstsource acquired ASG to enable it to start delivering collections services for credit card receivables. The collections business is now named Source Advantage. 
  • Mortgage BPS: In 2016, Firstsource entered the mortgage BPS business with the acquisition of ISGN's mortgage BPS unit in the U.S. The ISGN business, now named SourcePoint, covered processes including: 
    • Origination
    • Post-closing
    • Administration 
    • Default
    • Title
    • Settlement.

Source Point's revenues have doubled in size since the acquisition. 

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