Of Special Interest
23rd August 2011
Accenture buys US Mortgage processor
Accenture is to buy Zenta, a provider of mortgage processing services based in Dallas. Simultaneously Accenture stated that it would launch a new full-service consulting, technology and BPO arm, called Accenture Credit Services, to support clients in the residential mortgage, commercial real estate, leasing and auto finance industries. The company said Zenta's mortgage processing capabilities will be a key component of the service. No financials for the deal were disclosed.
Zenta is believed to be the third largest mortgage processor in the Unites States and has contracts with four of the top five largest US banks. It provides a number of other property related services.
"The wave of regulations and a changing credit environment are redefining the competitive landscape of the mortgage industry," said Terry Moore, global managing director of Accenture Credit Services in a prepared statement. "In the residential mortgage business, low customer satisfaction, rising fulfillment costs, and falling pull-through rates -- coupled with slower refinancing and purchase activity -- are undercutting profitability. On the servicing side, regulatory changes are forcing operational transformation."