iGATE Global Solutions on Monday said it has entered into a five-year deal with the United States-based GreenPoint Mortgage to offer high-value back office services, valued at over $20 million.
"We are entering into this deal, expected to exceed $20 million in contract value over five years," iGATE Global Solutions chief executive officer Phaneesh Murthy told reporters in Bangalore.
iGATE, he said, will add about 150 to 200 people over the next few months.
The high-end analytics team in Bangalore would use consumer database in the US, profile the customers according to their financial pattern based on their past transactions, offer products and even take credit decisions, Murthy said, adding, "It is as close to creating a virtual organisation."
GreenPoint focuses on speciality mortgage loans, launching a new product every 21 days. Eighty-five per cent of its business comes from independent mortgage brokers, with the rest from other banks and GreenPoint's retail channel.
"There would be an aggregate 25 per cent cost reduction for GreenPoint, not just on labour and it is a transaction fee based model," he said, adding: "This is the first third party BPO player doing credit decisions out of India."
