Not pleasant news for those who are about to be made redundant. But banks are looking to offshoring jobs to lower their costs of back office operations including mortgage processing.
In my experience banks see mortgage processing and settlements as a necessary evil and devote the minimum amount of resources that they think they can get away with.
The solution is smart technology to do the drudge work. Banks have not made enough of web services in the mortgage processing and settlements. This is where the focus should be and deploy staff to handle the non-routine questions. It seems that there is a uniform misconception that NECS will provide all the answers. NECS will be part of the answer not the whole answer.
Outsourcing is the short term quick fix to lowering costs and boosting the bottom line.
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