MoneyLine Lending Services

Website: http://www.moneylinelending.com/

Status

As of October 2006, MoneyLine Lending Services has been acquired by Genpact. The following is an article regarding this announcement from www.allbusiness.com:

Haryana, India-based Genpact announced it has acquired MoneyLine Lending Services Inc., Irvine, California. Terms of the deal, which closed in August, were not disclosed.

MoneyLine founders Evan Gentry, president and chief executive officer; Taylor Woods, executive vice president, operations and information technology (IT); and Brad Barber, executive vice president, financial institutions, will remain with MoneyLine, which will become part of Genpact Mortgage Services, according to Genpact President and Chief Executive Officer Pramod Bhasin.

"This is another great acquisition for us. Not only does Genpact share MoneyLine's values of integrity and process excellence, it gives MoneyLine access to our global delivery capability and enables Genpact to deepen its offerings in the mortgage services business," explained Bhasin. "There is tremendous opportunity within this $30 billion market to streamline costs and pass those savings back to the lenders and consumers."

Last year, when it was known as GE Capital International Services, Genpact acquired Parsippany, New Jersey-based Creditek, a leader in revenue-cycle management and order-to-cash outsourcing services. Since that acquisition in July 2005, Creditek's contracts as a Genpact subsidiary have quadrupled, according to Bhasin. Established in 1996, MoneyLine today is the exclusive provider of outsourced mortgage services for more than 50 financial institution clients, including 10 signed in 2006, noted Gentry, who became president and chief executive officer of Genpact Mortgage Services following the acquisition.''

"As Genpact Mortgage Services we will continue to provide our proven mortgage solutions with the personalized service and private-label approach MoneyLine is known for, while gaining Genpact's robust global delivery and world-renowned process tools that will give our business a much broader reach," said Gentry. "Essentially, we are providing the ultimate outsourced mortgage solution-utilizing the best of onshore, global delivery, scale and global resources to address the outsourcing needs of large mortgage producers worldwide," he added.

(2006.) Genpact acquires MoneyLine Lending Services. Retrieved January 19, 2008 from http://www.allbusiness.com/personal-finance/real-estate-mortgage-loans/4097960-1.html