E-OPS touts reduced processing costs
By MortgageDaily.com staff
6/15/2005

A Florida company is pitching an Internet-based processing service that cuts originators' costs and trims turnaround by as much as 40% by sending the work outside the country.

E-OPS announced it has the nation's first offshore around-the-clock mortgage processing service. Originators fax, upload or enter data into the E-OPS Web-based system and offshore processors handle all the required preclosing processing tasks.

Miami, Fla.-based E-OPS says it is the fastest and most inexpensive processing service in the country, as around-the-clock processing allows it to process loans approximately 40% faster than any other available alternative.

Mortgage companies, such Florida-based Ocwen Financial Corp., have gone offshore in growing numbers to reduce backend servicing costs. But going offshore for front-end processing has been limited largely to giant online originators.

"E-OPS was launched in response to the high cost and slow speed of local loan processing," explained E-OPS Chief Executive Joe Machado in the announcement. "The firm's processing fees average approximately half of those of other outsourced processing services, and are less costly than in-house processors."

Nicholas Woodcock, senior vice president, Global Realty Outsourcing, Inc., Stamford, Conn., recently said lawmakers have mounting concerns that delicate data, such as those collected and stored from the mortgage transactions, may be at risk of loss or misuse in other countries.

E-OPS, which touts its services at www.eops.cc, claims it is the first in its industry to provide online virtual access to customer files with real-time feedback between the loan officer, customers and third parties. Through the Internet connection, individuals can view all documentation and up-to-the-minute status information.

Lenders "can always close loans quickly without ever worrying about whether an in-house processor is under-worked or over-burdened, nor are there any concerns about deadlines not being met due to vacation days, sick time, maternity leave," or other such factors, the announcement said.

"In our industry, we routinely run out of time and have to rush to get everything done due to inefficient loan processing," said Rolan Colon, First Nationwide Lenders operations manager, in a written statement. "It's great to rest easy knowing that deadlines will be met -- and met ahead of time."

The contract processing company handles conventional, FHA, VA, prime, and subprime loans, the announcement said.

For its nonstop offshore processing, E-OPS said it signed an exclusive partnership agreement with Wipro BPO, which handles everything from loan processing to closing and the notification process.

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