Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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."