Chennai: Information Technology (IT) services company HCL Technologies Ltd has customised its loan tracking solution to meet the needs of North American markets. The solution covers the entire cycle of loan processing starting from loan pre-qualification, processing, underwriting, closure and servicing / collections / defaults and associated features of reporting and documentation.
Earlier the $664 million revenue company was selling this product in the Asia Pacific region. Comprising independent modules, this solution strictly adheres to the latest standards specified by the Mortgage Industry Standards Maintenance Organisation (MISMO).
Out of 4,000 people working on the company's banking and financial services around 500 work on projects related to loans and mortgages for clients in the US, UK, Far East Asia and Australia. The loans practice comprises experienced bankers and technologists, who have significant experience in evolving strategies for implementing and subsequent maintenance of enterprise class loan systems that provide significant ROI during the life time of the applications.
Speaking about the new initiative, V S Sriram, corporate vice president and head of banking and financial services (BFS) practice, said, "In a significant departure from the traditional offerings in this space, HCL Technologies also plans to offer this solution on a 'shared service' model, leveraging its unique position as the leading technology, business process outsourcing and infrastructure provider."