Tata Consultancy Services (TCS), a global IT services, consulting and business solutions organization, has been named a Leader in the Everest Group PEAK Matrix for Mortgage Operations.
In an assessment of 19 mortgage operations service providers, TCS was placed highest for its vision and capability as well as market impact. The report says that TCS provides a full spectrum of services in mortgage operations with wide presence in almost all major processes and functions across front, mid- and back office. It goes on to highlight TCS’strong domain expertise, digital offerings, and advisory capabilities, which help it serve small and mid-sized clients, along with catering to the needs of some of the biggest banks and FinTechs.
According to the report, TCS is one of the few service providers who has a good presence in established economies such as North America and UK, as well as emerging ones such as Asia Pacific and Middle East. Other strengths highlighted were TCS’ continual heavy investments in digital and technology and its Digital Mortgage Advisor solution that helps clients manage their mortgage leads and loans more efficiently
“The mortgage industry is ripe for disruptive innovation leveraging agile methodologies and digital technologies. In many regions, lenders are embracing high levels of innovation in the wake of the current crisis. By adopting our digital solutions for mortgage processing, our customers are enhancing the borrower experience, simplifying processes across the business value chain and improving their operational resilience,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This market leadership position from an independent research firm is a recognition of our differentiated capabilities and offerings that help both traditional lenders as well as upstarts to gain a competitive advantage and stay ahead of the curve.”
TCS has nearly two decades of experience in managing end-to-end mortgage business operations. It serves more than 40 clients, including top global banks and lenders, leading mortgage non-bank lenders, mortgage servicers, correspondent lenders, allied service providers such as mortgage insurance companies, title service providers and information service providers.
TCS supports over 280 lending processes across the loan lifecycle, including origination, active servicing and default servicing, and manages the entire value chain of operations for residential mortgage and loan operations across North America, LATAM, Europe, the MEA and APAC region.
Over the years, TCS has witnessed varied business cycles and partnered with its clients to address their operational and scalability requirements. Given its expertise in the area of mortgages, TCS has played an instrumental role in bringing about a marked change in the way mortgage processes are managed and has institutionalized some of the best practices in this space.
“Mortgage operations have experienced increasing adoption of digital and technology solutions driven by evolving consumer preferences, increasing competition from non-traditional lenders, and the COVID-19 pandemic,” said Robin Jain, Practice Director, Everest Group. “With its strong domain expertise, technology-aided delivery capabilities, and continued investments in digital assets, TCS is well positioned to cater to the needs of buyers across all major areas of mortgage operations.”
“With our deep understanding of the mortgage domain, dedicated innovation and technology COEs, CoInnovation Network and industry partnerships, TCS is well placed to drive superior business outcomes, unlock exponential value and address the needs of the new-age lending ecosystem,” added Krithivasan.
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