In 2019, the global outsourcing market amounted to $92.5 billion, having experienced a drastic jump in the last decade. One of the major reasons for this is that businesses across industries have realized that investing in offshore delivery centers (ODCs) is a viable option. The mortgage industry is no exception.
In 2020, ODCs in the mortgage has gradually made way for specialized mortgage-sensitized ODCs. They are being increasingly viewed as a requirement to improve the quality of operations with scalable and flexible services.
Earlier in the decade, it was common among mortgage lenders to outsource processing to multiple third-party vendors. Over a period, though, they felt the need to have greater control over their extended teams and this is how the concept of ODCs came in.
Alok Bansal is Managing Director of Visionet Systems Inc. and has 21 years of experience in managing strategy and global BPO operations. He excels in optimizing and leading the growth of financial services companies who are looking to take their mortgage operations to the next level.