Mortgage servicing next BPO?
(The Philippine Star) The mortgage servicing industry may still be in its infancy stage, but the pioneer in the management of mortgages in the Philippines sees the sector as the next BPO (business process outsourcing) opportunity. According to BFS, the country’s first company to specialize in mortgage servicing and asset management, there will be a growing need for mortgage processing as the demand for housing is projected to grow. This goes hand in hand with an expanding consumer market stemming from an improving economy. “The purchase of a residential home is the most important investment,” explains BFS president Federico Y. Cadiz. “With a growing economy, the opportunity to make this investment is made more available.” BFS is a pioneering multinational mortgage-servicing platform that combines functional competencies in mortgage finance organization and credit underwriting, loan servicing, default management, property management, and sales and secondary market development. In a recent report, the Bangko Sentral ng Pilipinas (BSP) reported that total consumer loans grew 20.9 percent year-on-year at the end of September...