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US mortgage outsourcing will grow to $1 billion in 5 years

By Francesco Paola

With increasing competition in the low-end BPO space, many Indian BPO organisations are realising the need to focus on niche verticals. One such vertical that is relatively untapped by most Indian BPO vendors is the Residential Mortgage banking market in the US. These were the findings of a report released jointly by Trinity Business Process Management and Avendus. The report claims that the offshore addressable BPO market size for the US residential mortgage system is in the range of $6 to 7.4 billion. The existing mortgage-processing BPO market in India is approximately $150 million.

According to Francesco Paola, Trinity’s Vice-president, Sales and Marketing, “We estimate that the US mortgage banking BPO market in India will grow to approximately $1 billion over the next five years.” This represents a market that would grow at a CAGR of over 50 percent in five years. Trinity believes that there would be huge opportunities in the mortgage outsourcing business for at least two years.

Analysts expect this trend to accelerate, as labour costs constitute a significant portion of the overall costs that mortgage banks incur in servicing clients. Offshore outsourcing is expected to generate cost savings in the range of 30-50 percent. Trinity is one of the few BPO companies that are focussed only on the mortgage business market in the US. In the future, the company plans to address the UK mortgage business.

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