Industry News

Mortgage lenders ship jobs to India

Greenpoint, Countrywide to open overseas call centers

Mortgage lenders are jumping on the outsourcing-to-India bandwagon. But they're keeping their plans and actions under wraps in the politically charged debate over how foreign outsourcing affects workers in the United States. IGate Global Solutions, a global technology and operations firm, last month announced a deal with Greenpoint Mortgage that will involve "relocating certain services to India." "Operations will commence shortly and be housed in iGate's new 14-acre campus situated in Whitefield, Bangalore," iGate said in a statement. But Greenpoint won't discuss the details or answer questions about its outsourcing strategy. Sending jobs to India is a touchy subject for American workers. Indeed, Presidential candidate Sen. John Kerry has even started to use the issue as a soapbox to reach out to voters. Lenders are looking to India to stay competitive as the mortgage refinance market tightens and creates fiercer competition for business. Call centers in India present an oppo...

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