Wipro BPO to process loans

E-OPS, a US-based loan processing firm has offshored a part of its work to Wipro BPO (better known as Wipro Spectramind), in a multi-year deal.

Wipro BPO will set up an offshore round-the-clock loan processing team for E-OPS. Industry sources say the work is "most likely to be done in Bangalore", which is one of three locations where the company does "non-voice" business.

E-OPS said in a statement on Tuesday, it will provide online virtual access to customer files with real-time feedback between the loan officer, customers and third parties.

All documentation and up-to-the-minute status information can be easily viewed via any Internet connection, at any time, E-OPS said.

Wipro officials said, without specifying the value of the deal, "This contract is a significant one for our non-voice business. It is long term and is looking to ramp up through this year." The deal is also one that "plugs in nicely to our banking and financial services practice". Wipro currently earns the bulk of its BPO revenues from call centre-based work.

Wipro BPO will handle the loan processing, including loan application data entry and submission; the ensuing follow-up process; the query handling process; and the re-submission, closing, and notification process.

E-OPS itself is a loan processor for "mortgage originators", such as banks, doing the job up to 40 per cent cheaper than if they did it in-house, the Florida-based company said.