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for Banking Operations & Transformation

Track the pattern of service adoption by monitoring Banking Operations & Transformation contract awards by your peers. Identify who are the successful vendors this industry now. Updated monthly!

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Firstsource - Next Generation Mortgage and Loan BPS

Vendor Analysis

by Andy Efstathiou

published on Aug 10, 2017

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Report Overview:

This NelsonHall vendor assessment analyzes Firstsource's offerings and capabilities in Next Generation Mortgage and Loan BPS. Firstsource is one of a number of mortgage and loan BPS companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Next Generation Mortgage and Loan (M&L) BPS vendor assessment for Firstsource is a comprehensive assessment of Firstsource’s next generation M&L BPS 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 BPS 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 Firstsource’s 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:

Firstsource started its banking BPS business in 2002, and its operations commenced in 2003. The first client was a tier one banking client in the U.K. which required support for credit card operations. In 2004, Firstsource acquired ASG (founded in 1995) to enable it to start delivering collections services for credit card receivables.  

In 2016, Firstsource entered the mortgage BPS business with the acquisition of ISGN's mortgage BPS unit. ISGN's mortgage BPS began in 1995 and was headquartered in the U.S. The acquisition was announced in January and closed in May of 2016. The ISGN business covered processes including:  

  •  Origination
  •  Administration 
  •  Title
  •  Settlement 
  •  Valuations.

At the time, ISGN’s mortgage BPS had:  

  • 1k employees 
  • Delivery centers in the U.S. and India
  • ~100 clients.  

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