Vendor Analysis
published on Apr 14, 2020
Access to this report is restricted to logged in clients with access. Login to get full access
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.