Stock Report

Sourcepoint, named a 'Leader' in NelsonHall's NEAT Mortgage and Loan Services 2022 report for Overall Market Segment

Posted On : 2023-01-17 12:47:55( TIMEZONE : IST )

Firstsource Solutions Limited (NSE: FSL, BSE:532809), a global provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, has been named a 'Leader' in NelsonHall's NEAT Mortgage and Loan Services 2022 report for the Overall Market segment.

Firstsource's mortgage business, Sourcepoint's, positioning is based on the company's strong Mortgage & Loan services business, especially across the US, which is delivering a diverse set of engagements across a broad range of financial institutions.

The report highlights the following strengths for Firstsource's mortgage business:

- Licensing capabilities for originations, servicing, title, and collections
- Due diligence services for capital markets and secondary markets counterparties
- Digital offerings for quality control and post-closing services for the top tier and mid-tier lenders
- Large client base in the U.S. including Large Depository institutions, Independent Mortgage Bankers, Small Banks, and Credit Unions
- Long term experience with the largest UK lender across multiple lending products

Sameer Ahluwalia, President and Global Head, BFS, Firstsource shares, "We are delighted to be positioned as a Leader in NelsonHall's assessment of mortgage services providers. All credit goes to our incredible team for this recognition, which highlights our expertise across the mortgage origination, and servicing lifecycle. Plus, our mortgage services portfolio expansion into platform-based Quality Control and Due Diligence services now enables us to deliver even greater value across client enterprises. This recognition from NelsonHall reaffirms our continued commitment to provide future-ready, innovative solutions."

Andy Efstathiou, NelsonHall's Banking Operations & Transformation Research Director, said: "Firstsource has a large partner network for legal collections and relevant licenses across originations, servicing, title, and default management, which enables it to customize and optimize delivery at a local level for the most complex and expensive of mortgage processes."

The Mortgage & Loan industry is adapting to new business conditions where they need to increase agility to deal with cyclicality and launch new products in a shorter time frame. Data management has moved to the center of what is needed to address consumer needs and new customer acquisitions. Operations need to be able to scale up/down with higher accuracy and a very low cost of delivery. Firstsource is perfectly poised to leverage these requirements with the company's Digital First, Digital Now approach, recent acquisitions significantly enhancing its offerings, and plans to expand its nearshore delivery capability.

Shares of Firstsource Solutions Limited was last trading in BSE at Rs. 104.10 as compared to the previous close of Rs. 104.35. The total number of shares traded during the day was 127049 in over 1950 trades.

The stock hit an intraday high of Rs. 105.60 and intraday low of 103.30. The net turnover during the day was Rs. 13280332.00.