Indian outsourcing giant HCL has expanded into the mortgage market – but it’s not going to lend you the money to buy a house or office anytime soon. Instead the organisation has agreed to acquire Urban Fulfillment Services, LLC, a mortgage fulfilment company.
This places HCL in the mortgage fulfilment sand particularly the back office space facilitating mortgages rather than offering mortgages itself – it’s a diversification but not as huge as it might sound initially.
“The acquisition of Urban Fulfillment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfilment and debt servicing space,” said Anoop Tiwari, corporate vice president and global head – business services, HCL Technologies. “Combining UFS’ talent and client portfolio with HCL’s deep industry expertise and business acumen offers us the unique opportunity to provide platform–based services on our own platform, driving transformation through robotics process automation.”
“The synergies between UFS’ client focused and efficient business processing services and HCL’s technology leadership and financial strength will create an unparalleled competitor and leading provider of state-of-the-art services to the enterprise customers,” said Charles S. Sanders, CEO of Urban Lending Solutions. “I am very excited about joining the HCL team and being part of such a capable and progressive company that will deliver the highest level of services to the industry.”
The total cash value of the deal, in which HCL will acquire 100 per cent of the target organisation, is set to be around $30m, with some of that going towards the usual bad debt and other elements that dog the mortgage industry. As with all mergers and acquisitions, the deal won’t be done until it has gone through due diligence and the authorities have checked it out.
P. S. Before anybody writes in, we do know there are two spellings of ‘fulfilment’ in the first sentence and throughout – one is in a uses the American spelling but is a company name so we won’t change it, meanwhile we’re from the UK so the rest is in British English – for any sub-editors and proofreaders who may be looking!