Role of Flexible and Scalable Mortgage ODC in Improving Borrower Experience

1. Role of Flexible and Scalable Mortgage ODC in Improving Borrower Experience For businesses like mortgage lending, which are very labor-intensive, Offshore Delivery Centers or ODCs are beneficial as they help to increase productivity while achieving cost-effectiveness. With mortgage sensitized ODCs, lenders are beginning to see significant benefits. Such a setup offers them a capable resource base that is specifically trained on their processes along with ready IT infrastructure. This is helping several lenders efficiently scale their operations. In the modern mortgage landscape, more and more lenders are turning to the ODC model to build dedicated teams that are fully integrated into their business. Mortgage sensitized ODC is fast becoming the most cost-effective, practical, and sustainable solution for the industry. Here are some key benefits of having a mortgage sensitized ODC set up: Ensures low total cost of ownership (TCO) and faster ROI: Among its several benefits, one of the biggest paybacks of ODC is the cost factor. At a time when talent is expensive in the market and hiring involves huge costs – salary, overhead costs like office space and equipment, employee- centric extras like health insurance, etc – creating a complete in-house team can be daunting. An ODC offers the exact same benefits of highly-qualified, in-

2. house teams, but with a lot less commitment, investment, and total cost of ownership (TCO). The ROI, meanwhile, is faster and higher. Offers a flexible engagement model to lenders and provides a competitive edge: Another major advantage of an ODC is that it offers inherent flexibility to lender clients by seamlessly managing their regular operations while they can focus upon their core competencies. ODCs have highly qualified professionals who can handle client processes immensely well, especially in times of high work volumes. Lenders can also get what they want to be done within their requisite timelines, even if they have tighter deadlines. The key task of an ODC is delivering dynamic solutions that are customized to best meet the business objectives of the lender. Overall, such a setup provides a competitive edge to the lender clients mainly because its dedicated team of professionals works exclusively for them with a deep understanding of requirements, standards, and expectations. Provides complete control over resources and processes: An ODC set up is primarily an extended, integrated, and dedicated offshore facility exclusively managing a particular lender’s operations. This means lenders have complete control over how tasks are performed and monitored and can manage the ODC teams as their own organic extensions. They can regulate expenses and can get what they want to be done when they want it, and within defined timelines. Lenders can have full control over the project development run, budget, resource utilization, each offshore team member’s work along with the possibility to manage it dynamically. The ODC facility also offers 24 X 7 support to the lender throughout the year. It is possible to have complete transparency too in operations, and clients can be sure that the required protocols are being followed. Dashboards and reporting helps the management get a clear view of productivity, processes, and timelines. Delivers quality product 100% of the time: With robust ODC setups, lenders have the option to choose from a wide range of technology offerings, thereby allowing them to onboard and close loan applications faster. Also, most ODCs today play a key role in innovation efforts as well. Unlike ODCs of the previous times, the focus is not limited to just

3. process replication anymore. Modern-day ODCs take ownership for enterprise transformation by delivering innovation-led business outcomes seamlessly with high quality and reliability. This way, they deliver a quality product every single time to lenders who are also satisfied with this process re-engineering and improvement. Reduces costs by about 30% to 40%: With an ODC, lenders can significantly reduce direct and indirect costs since they do not have to incur expenses on infrastructure development, hiring employees, or other costs involved in setting up a dedicated center. Research has shown that lenders using ODC set ups to reduce their annual spends anywhere in the 30-40% range. The ODC model is designed to be more cost- effective, as compared to pureplay outsourcing. While the initial costs may be a bit higher, the returns are much greater. Also, the objective is clearly to deliver solid solutions that are tailored to best meet the desired business objectives of the parent company which, helps drive higher ROI. Why mortgage sensitized ODCs make a difference: A mortgage sensitized ODC employs highly qualified professionals who work exclusively for a specific mortgage lender. Such ODCs present great convenience to lenders because they understand their requirements, standards, and expectations. They are also more in tune with the policies and culture of the parent company and offer their clients technology-enabled, secure, agile business services that can be plugged in to deliver business outcomes at scale. Moreover, such setups require minimal domain-specific training from the lenders. Also, most ODCs hardly require any customization since the best practices are already in place. The teams are already well- accustomed with industry norms, which means minimal errors along with optimum productivity and delivery. How companies like Visionet have become bankable partners offering mortgage sensitized ODC setups Since the past several years, Visionet has strengthened its image as a bankable partner by offering its clients a unique combination of technology, digital operations, and proprietary mortgage technology products. With the right size

4. of operations, Visionet has ensured ready resources to support clients through personal and customized services. The company’s Mortgage sensitized Offshore Delivery Center (ODC) has successfully helped clients drive business results with agility allowing them to focus entirely on business outcomes. Visionet helps clients meticulously meet regulations and avoid the significant amount of time, costs, and efforts that have to be spent ensuring that there is no oversight. Through its enterprise automation solutions, Visionet has helped clients simplify, accelerate, and make their business resilient, especially during these demanding times. To know more about Visionet’s services, visit – https://bfsi.visionet.com/