Offshore BPO provider Genpact has expanded its presence in the mortgage services market with the acquisition of privately held MoneyLine Lending Services for an undisclosed amount. Irvine, California-based MoneyLine provides outsourced mortgage services to small and mid-sized community banks.
Moneyline’s offerings include application processing, underwriting and funding, as well as tools to allow customers and lenders to track the mortgage process. The company has more than 50 clients, including California Bank & Trust and Zions First National Bank. The company pulled in $9.2m in revenue for 2005 and has about 85 employees, according to Hoover’s.
The deal gives Genpact, which recently claimed the top spot among Indian BPO exporters based on rankings from trade group NASSCOM, a better hold on the US mortgage services sector. Overall, the mortgage services market is valued at some $30bn, according to a Genpact statement. And Genpact’s global scale will allow Moneyline better opportunities to grow.
Moneyline president and CEO Evan Gentry will take over his same roles at Genpact Mortgage Services.