EDISON, NJ, May 24, 2021 / PRNewswire / – Indecomm Global Services, a leading provider of automation, outsourcing, compliance and technology services to the US mortgage industry, enjoyed a record year of growth in its fiscal year that is finished in March 2021, with the addition of 30 new customers and a 36% increase in the workforce. During this record year of growth and innovation, Indecomm has continued to give back to the community and serve its employees, despite the challenges associated with the COVID-19 pandemic.
âOver the past fiscal year, Indecomm has achieved a phenomenal list of accomplishments and milestones in business growth, customer acquisition, and product evolution and maturity,â said Rajan nair, CEO of Indecomm Global Services. âWe must recognize our exceptional people for their agility and commitment to excellence during a time of extreme growth, meeting the technology and business scalability needs of our loyal and growing customer base. As industry trends continue to evolve, Indecomm will be at the forefront of mortgage automation technology and business outsourcing services to meet the needs of the mortgage banking industry. “
In response to the global COVID-19 pandemic, Indecomm assessed business processes and transferred staff working to its United States and India locations at a work-from-home model. The transition was completed quickly, with no downtime, while maintaining business continuity and production levels for its customers. This rapid response has promoted the health and safety of Indecomm’s more than 1,500 employees and earned the trust of its customers during a period of record mortgage volumes.
Key business indicators for fiscal year 2020-2021
The Mortgage Bankers Association (MBA) reported that 2020 was a banner year for housing, creation and profitability, with more than $ 3.5T in mortgage initiations. Indecomm has responded to clients’ needs by supporting them with its scalable mortgage outsourcing services and automation solutions. Indecomm’s automation business achieved record growth of 300% and managed the process for over 4M ready and touched 8 billion dollars in volume of mortgage origins. These technology platforms have driven Indecomm’s growth in recent years, with fiscal years 20-21 seeing 44% revenue growth.
- 77,000 AuditGenius â¢ users
- 502,000 AuditGenius â¢ transactions
- 5,000 IncomeGeniusÂ® users
- 28,000 IncomeGeniusÂ® transactions
- 1.5 M ViewPointÂ® Transactions
- 9,000 loans processed
- 63,000 loan subscriptions
- 5,300 loan closings
- 746,000 loan audits
- 30,600 post-closure and / or post-funding quality control audits
- 1,576,000 final documents managed
- 435,000 registered mortgages
- 1,057,000 securities transactions processed
Focus on automation and new product versions
Indecomm’s automation solutions have been carefully designed with the “Automation Continuum” in mind, focusing on middle-office automation (i.e., processing and underwriting). ), where most of the origination time and expense is located.
Since June 2020, three new automation solutions were launched in a few months to meet customer needs: BotGenius â¢, DecisionGenius â¢ and Business Health Check. Improvements have also been made to its flagship product IncomeGeniusÂ®.
- BotGenius â¢ is a collection of pre-programmed software robots designed to emulate human-machine interaction functions for mortgage processes, tasks and workflows. By employing robots, or “digital workers”, BotGenius â¢ mitigates inefficient processes, improves the overall borrower experience and increases return on investment, with estimated cost savings of 40% to 60% for available processes. for automation. BotGenius â¢ has the potential to automate over 70% of the tasks of the loan production process.
- The DecisionGeniusâ¢ The underwriting automation solution includes two predecessors: AuditGeniusâ¢, quality control and risk management software, and IncomeGeniusÂ®, automated income calculation software. These successful platforms provide the foundation and intelligence for holistic DecisionGeniusâ¢ automation approach. Users will see the information needed to make an underwriting decision in one place, comparing application data to original data at investor guidelines. Mortgage lenders will be able to reduce risk consistently in their underwriting decisions; reduce cycle time and contact with insurers; increase pull-through rates; and improve processor productivity.
- Indecomm has made several feature enhancements to its flagship product IncomeGeniusÂ® automated revenue calculation solution, which supports increased customer adoption.
- Indecomm launched Company health check, an automated analysis of the current income and expense streams of independent loan applicants that helps mortgage lenders make more informed loan qualification and underwriting decisions.
- IncomeGeniusÂ® Retail was launched for small and medium mortgage brokers and lenders. Licenses are available in packages of 8, 15 and 25 loans.
New corporate brand and website
While meeting the needs of customers and employees depending on the pandemic, Indecomm launched a new brand and website to reflect the evolution of the company’s technological solutions, products and services. This new brand reflects Indecomm’s core values ââand customer feedback on the company’s strengths: ingenuity, agility, efficiency, innovation, reliability, knowledge, precision and integrity. The new logo, a lotus flower, represents renewal, wisdom, purity and transformation. While a new logo has been launched, Indecomm’s slogan and commitment to it remain: Partnerships at Work.
Indecomm has been appointed to the prestigious HousingWire 2021 Tech100 list of the most innovative mortgage technology companies in the US housing industry. The Tech100 program provides housing professionals with a comprehensive list of the most innovative and impactful companies that can be leveraged to identify partners and solutions to the challenges that mortgage lenders and real estate professionals face every day.
Indecomm has also been approved by DBRS Morningstar as a third-party due diligence provider for securitizations. Situated at new York, DBRS Morningstar is a globally recognized provider of timely credit rating opinions that provide insight and transparency to a wide range of financial institutions, corporations, government agencies and various structured finance product groups. .
Indecomm’s commitment to workplace partnerships encompasses relationships with partners, customers, employees and within the community. Indecomm has participated in the following initiatives over the past year:
- In lieu of freebies to customers during the pandemic, Indecomm donated to the MBA opens the doors of the Foundation. MBA Opens Doors offers the comforts of home to families in crisis.
- Indecomm is committed to fostering innovation and striving for excellence with its customers, as well as with the heart of its operations, its employees. To support this goal, the company launched its Indecomm University training initiative in India. This program will focus on hiring college graduates and training them in an intensive 8 to 16 week training program to prepare them for a career in the mortgage industry. The program starts in May 2021 with the goal of 100 graduates in the first year alone.
- To support the community of its Saint-Paul, Minnesota office, Indecomm participates in the local ““Step Up” initiative for young people Minneapolis. Step Up connects young people with jobs twin cities. In a typical year, Step Up trains and places 1,400 young people in paid internships with over 200 employers and 15 industries. Through this program, Indecomm provides students from difficult socio-economic backgrounds with internship opportunities in mortgage banking and technology.
To learn more about Indecomm’s products, services, career opportunities and community engagement, visit www.indecomm.com.
Founded over 25 years ago, Indecomm Global Services is a leading provider of business technology and services to the US mortgage industry. The company is based in New Jersey with over 1,200 employees worldwide. Indecomm services and solutions support every stage of the mortgage life cycle with automation and software, outsourcing and project management, as well as compliance and training. By focusing on technology solutions first, we partner with large and mid-sized lenders, managers, mortgage insurers and securities companies to achieve one specific goal: to help them grow. Our longevity in an ever-changing mortgage industry is our strength. We have worked diligently in the outsourcing and consulting spaces to develop tools and resources using in-depth feedback from clients and internal associates. Indecomm is the 2021 HousingWire HW Tech100 Mortgage Award winner. Visit us at http://www.indecomm.com.
Press contact: Krista K. Sabol
Marketing Director, Indecomm
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SOURCE Indecomm Global Services