In a move that will strengthen its capabilities in mortgage BPO services, loan fulfillment and debt servicing, HCL Technologies, a global IT services company, is acquiring Urban Fulfillment Services (UFS), a provider of mortgage business process and fulfillment services, for about $30 million in cash.
Founded in 2002, UFS employs more than 350 skilled professionals and operates out of three centers in the U.S. The transaction is still subject to the usual regulatory approvals.
In a release, Anoop Tiwari, corporate vice president and global head of business services for HCL Technologies, says, “Combining UFS’ talent and client portfolio with HCL’s deep industry expertise and business acumen offers us the unique opportunity to provide platform-based services on our own platform, driving transformation through robotics process automation.”
“The synergies between UFS’ client-focused and efficient business processing services and HCL’s technology leadership and financial strength will create an unparalleled competitor and leading provider of state-of-the-art services to the enterprise customers,” adds Charles S. Sanders, CEO of Urban Lending Solutions, of which UFS was a subsidiary.
UFS last made news on MortgageOrb in August 2015 when it was reported that it was closing three locations in Colorado, including two serving the company’s underwriting department and one serving its GreenTree mortgage department.
An article in the Denver Post, citing a WARN notice filed with the Colorado Department of Labor and Employment, said the company would lay off approximately 265 workers across the three locations.
Part of the reason for the cuts, the company said at the time, was the reduced need for default servicing.