Vendor Analysis
published on Jul 31, 2018
Report Overview:
This NelsonHall assessment analyzes HCL’s offerings and capabilities in Mortgage and Loan BPS. HCL is one of a number of banking operations services companies analyzed in NelsonHall’s comprehensive industry analysis programs.
Who is this Report for:
NelsonHall’s Digital Banking Services Vendor Assessment for HCL is a comprehensive assessment of HCL’s Next Generation Mortgage and Loan BPS offerings and capabilities designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Mortgage and Loan 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 Mortgage and Loan BPS 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 entered the mortgage services space in the early 1990s when it began providing flood mapping services to the American Flood Determination service provider. In 2009, HCL began providing loan origination services (LOS) underwriting support to a U.S. based Fortune 200 financial institution. Delivery for these services was provided from both onshore and offshore sites. Since then the 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 the geographic coverage of its M&L BPS business with the addition of a client in Australia who required support for collateral data remediation. The client required 200 FTEs over an 18-month period to remediate documents stored in Iron Mountain. The engagement continues to provide document remediation and indexing services for ongoing lending activities.
HCL added another U.S. based mortgage lender in 2010 as a client. The client required full underwriting support with approval/denial recommendations, delivered by 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.
In late 2017 HCL acquired Urban Fulfillment Services, LLC. (UFS) for $30m. UFS at the time of acquisition had 350 employees and delivered services out of three centers. The acquisition enhanced HCL’s capabilities in the entire range of M&L BPS services and expanded its presence in the U.S. market.