West Palm Beach mortgage caseloads outsourced to India

Ocwen Loan Servicing, a West Palm Beach company and pillar of the mortgage industry in Florida, has gone global, outsourcing broker opinions on the value of bank-owned foreclosure properties, arranging real estate-owned property cleanings and repairs, and arranging showings, all from Mumbai, India. The surge in depressed property volumes in the state and nationwide has created a backlog of work so large that selling the properties has now become part of the $50 billion offshore outsourcing industry. Bank of America, JPMorgan Chase and Citibank are all among the banks using overseas labor to handle their foreclosure inventory, said Joe Greco, director of the Institute for Research and Education in Outsourcing at California State University, Fullerton, and author of “The Outsourcing Bible.” [Inman]