Articles Tagged with ''Offshoring''

No more offshoring: Nationstar moving all customer service operations back to U.S.

Nonbank says move is based on customer feedback
Over the last several years, many of the top mortgage servicing companies (both banks and nonbanks alike) moved some of their customer service operations overseas as part of an effort to cut costs. But the practice, known as offshoring, proved somewhat problematic, as customers frequently complained of issues when dealing with offshore customer service representatives. Now, one servicer is choosing to listen to its customers and move its customer service operations back onshore.
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Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen to pay $900,000; only use licensed entities to service Washington loans
Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgages, the state’s financial regulator announced Thursday. Here are the details.
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How much offshore staff do the top mortgage servicers use?

Fitch shines a light on offshoring and its potential consequences
Several of the country’s largest mortgage servicers already have as much as a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
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From HW Magazine

Chink in the armor

Everyone complains about Ocwen, believe it or not
In the annals of mortgage industry criticism, there is one firm that seems as equally loved as it is hated. During investor presentations, Ocwen Financial is often praised for its innovative business models. On the sidelines, however, Ocwen gets dissed. Often.
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From HW Magazine

Out of towners

Shipping servicing work overseas comes with a great deal of risk
Last year, it happened when Ocwen executives were giving investors a conference call. And HousingWire was on the line. During the call, which covered recent earnings and strategic vision, an Ocwen executive began...
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