(MERS), the electronic mortgage registry system, tapped technology management firm Genpact (G)
for a seven-year agreement to provide business process services.
Genpact will perform business services including management of the receipt, identification and delivery of mortgage-related correspondence in an effort to improve the quality and accuracy of the underlying business processes. Typical correspondence includes physical and electronic receipt and delivery of recordable documents, notices and foreclosure or bankruptcies and requests for discharge of a mortgage.
"MERS has long been recognized as a critical provider to its mortgage industry members," said 'Tiger' Tyagarajan, COO of Genpact. "It has been at the forefront of making the industry more efficient and transparent."
Genpact will begin its services in December 2010.
The mortgage banking industry created MERS to streamline the mortgage process and replace paper usage through an electric documentation system. Genpact noted that more than 60% of all newly-originated mortgages are registered on MERS.
Write to Diana Golobay
Disclosure: the author holds no relevant investments.