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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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