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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.

HCL - Mortgage and Loan BPO

Vendor Analysis

by Andy Efstathiou

published on Nov 25, 2014

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Report Overview:

This NelsonHall assessment analyzes HCL's offerings and capabilities in retail banking BPO. HCL is one of a number of mortgage and loan BPO companies analyzed in NelsonHall's comprehensive industry analysis programs.

Who is this Report for:

NelsonHall's Mortgage and Loan (M&L) BPO Vendor Assessment for HCL is a comprehensive assessment of HCL's M&L BPO offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for M&L BPO 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 M&L 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:

HCL has been involved in providing mortgage services since the early 1990s, providing flood mapping services to the American Flood Determination service provider. It entered the M&L BPO business in 2009, with a contract to provide loan origination services (LOS) underwriting support to a U.S. based Fortune 200 financial institution, with delivery provided from both onshore and offshore sites. Over time that relationship has grown to include a broader range of origination services spanning the mortgage fulfillment process and closing and post-closing services.

In 2010, HCL grew its M&L BPO business with the addition of a client in Australia which required support for collateral data remediation. The project required 200 FTEs over an 18 month period to remediate documents stored in Iron Mountain. Today, a remaining staff of 30 FTEs continues to provide document remediation and indexing services. Also, over the same period HCL added another U.S. based mortgage lender as a client to provide full underwriting support with approval/denial recommendations, with 20 underwriters, and certification from the Mortgage Bankers Association (MBA) and American Bankers Association (ABA). In 2011, a U.K. mortgage lender engaged HCL to provide legal process outsourcing (LPO), with 30 lawyers reviewing mortgage documentation.

Delivery Capabilities

HCL M&L BPO delivers service from four delivery centers:

  • Chennai
  • Noida
  • Cary, North Carolina
  • Sydney, Australia.

Target Markets

HCL's primary targets for M&L BPO are:

  • Tier one financial institutions based in the U.S., Europe, and Australia
  • Mid-tier regional banks
  • Pure play mortgage service providers with no operating presence offshore.

In future, HCL will continue to target market dominant financial institutions, but intends to add new markets and mid-tier lenders.

Strategic Direction

HCL has committed to growing its BPO business in 2014 and beyond, and financial services BPO is a key part of its BPO growth strategy. HCL has strong experience in M&L BPO but, like all M&L BPO vendors, it has struggled during the downturn, as have its clients. Today, HCL is prepared to accelerate the growth rate of its M&L BPO business by investing in its operations and expanding its scope of markets covered.

Table of contents:

Table of contents:

  • Background
  • Revenue Summary
  • Key Offerings
  • Delivery Capability and Partnerships
  • Delivery
  • Pricing and Contracts
  • Platforms
  • Changes to Operations
  • Target Markets
  • Strategy
  • Strengths and Challenges
  • Strengths
  • Challenges
  • Outlook

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