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Visionet's Outsourcing Business Doubles With Refinance Boom

The recent boom in refinances as homeowners try to cash in on record-low mortgage rates has been a ""pleasant surprise"" for Cranbury, New Jersey-based ""Visionet Systems"":http://www.visionetsystems.com. The company says that its process outsourcing business doubled during the first quarter of this year as a result of the surge in home loan refinances.
The ""Mortgage Bankers Association"":http://www.mortgagebankers.org/NewsandMedia/PressCenter/68477.htm (MBA) has dramatically revised its forecast for 2009 mortgage refinancing, saying it expects lenders will fund $1.96 trillion in refinances this year. Last year, by comparison, lenders refinanced only $765 billion in home loans.
Visionet saw increases in three primary areas: title processing, loan modifications, and forensic analysis. The company attributed the jump in outsourcing needs, particularly for title searches, to staff curtailments within the mortgage industry as it also feels the pinch of the nation's economic crisis.
Despite employment cuts and growing numbers of company closings succumbing to the crunch, the foreclosure and REO servicing aspect of the business has created a definite growth pocket within the industry, and a number of new players have entered the mortgage space as a result. Visionet says that this has also led to a growing need for outsourced services, because ""if these companies take the traditional route of absorbing new technology and processes it would be too late for them to benefit from this sudden boom in business.""
Speaking about his company's recent success, Arshad Masood, president of Visionet, said, ""We have the domain expertise, technology, and business process outsourcing capabilities under one roof. The Visionet team is in a perfect position to help companies benefit from the boom with no investment in technology or mortgage savvy resources. They don’t need to scale up or down - we will do it for them.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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