Visionet Touts Business Boom, Refi Surge
The recent boom in mortgage refinances has been a pleasant surprise for Cranbury, N.J.-based Visionet Systems Inc., the company said Wednesday morning. The company, which provides business process outsourcing and consulting services to the mortgage industry, said its business doubled in the first quarter of 2009. The company's business increase was mostly in three areas: title processing, loan modifications, and forensic analysis. As the mortgage industry has severally curtailed its employment ranks over the last two years, Visionet's title search volume clocked in at 10,000 searches in March, and is continuing to grow, according to company officials. "The Visionet team is in a perfect position to help companies benefit from the boom with no investment in technology or mortgage savvy resource," said Visionet president Arshad Masood. "They don't need to scale up or down -- we will do it for them." BPO providers -- that's business process outsourcing, not broker price opinions -- have been licking their chops as of late as the MBA dramatically revised its forecast for 2009 origination volumes, primarily due to a surge of refinancing activity. Executives in the space say that they see a number of new players that lack the capacity and technology to manage a steep growth curve, creating opportunity for outsourcing specialists to provide value. Write to Paul Jackson at email@example.com.