More Mortgage Industry Layoff in the Charlotte Area (Raleigh: health insurance, floor)

[CharlotteAgent]

Different divisions have different needs. It may work better in one area than the other, either way as I stated before it is happening just maybe not as broad as orig. thought,

[Carolina Blue]

Originally Posted by BrianH1970

I guess when loan review was outsourced to India last year it was really a call center function, right? I guess since more of loan review is gearing up to go that's really a call center function as well. The jobs that were up in New Jersey that got sent over to India...those were call center jobs too, right. IT jobs, the ones that were mentioned to be outsourced, they're call center too I suppose. The processing jobs that were mentioned in the articles...call center.

Again, thanks for playing.

Moderator cut: Avoid making this personal The problem with what you're saying, and with "much" of what you've said, is that you're making generalizations. "Loan Review" at Wachovia was "not" outsourced. Perhaps part of the retail mortagage side of Loan Review was outsourced, but you need to understand that "Loan Review" is a big area. There's Retial, Commerical and Corporate. To suggest that all of Loan Review was outsourced is a a false claim and an un-informed one on your part. In fact, wasn't it part of the initial analysis teams that went over there? Not loan review?

Also, as I said in another thread about call centers, the positions of "decision makers" are not the jobs being sent overseas. I'm starting to wonder just how much you actually do know about the company you say you work for.

Wachovia expanding job flow to India.

..In its latest outsourcing effort, Wachovia Corp. said Wednesday it has signed a seven-year agreement to send back-office and processing work to an India-based firm...

[BrianH1970]

Originally Posted by Carolina Blue

Moderator cut: Avoid making this personal The problem with what you're saying, and with "much" of what you've said, is that you're making generalizations. "Loan Review" at Wachovia was "not" outsourced. Perhaps part of the retail mortagage side of Loan Review was outsourced, but you need to understand that "Loan Review" is a big area. There's Retial, Commerical and Corporate. To suggest that all of Loan Review was outsourced is a a false claim and an un-informed one on your part. In fact, wasn't it part of the initial analysis teams that went over there? Not loan review?

Also, as I said in another thread about call centers, the positions of "decision makers" are not the jobs being sent overseas. I'm starting to wonder just how much you actually do know about the company you say you work for.

Wachovia expanding job flow to India.

..In its latest outsourcing effort, Wachovia Corp. said Wednesday it has signed a seven-year agreement to send back-office and processing work to an India-based firm...

First off I think one of the mods here can verify the Wachovia IP address that I've posted from earlier in this thread. Miker can back that up. Moderator cut: Yes, that's correct.

Second, I have to think that you may be talking about an entirely different banking group, I'm speaking from the retail side of the company (GBG). They/we are the ones being outsourced.

[Carolina Blue]

Originally Posted by BrianH1970

Second, I have to think that you may be talking about an entirely different banking group, I'm speaking from the retail side of the company (GBG). They/we are the ones being outsourced.

No, I’m talking about exactly what you said. You said, unequivocally, that “Loan Review at Wachovia was outsourced”. That is “False”. Loan Review areas have to comply with various Fed/OCC regulations and no US bank would ever outsource that function to a foreign country. Again, I believe you’re talking about the initial “credit analysis” teams; and even with that, you’re talking about only the "non-underwriting" Consumer Mortgage ops; i.e., the people who pull folks credit bureau reports, and grunt work like that.

[Yorkiegirl16]

Originally Posted by Carolina Blue

No, I’m talking about exactly what you said. You said, unequivocally, that “Loan Review at Wachovia was outsourced”. That is “False”. Loan Review areas have to comply with various Fed/OCC regulations and no US bank would ever outsource that function to a foreign country. Again, I believe you’re talking about the initial “credit analysis” teams; and even with that, you’re talking about only the "non-underwriting" Consumer Mortgage ops; i.e., the people who pull folks credit bureau reports, and grunt work like that.

Loan Review on the retail side went through an outsourcing last year. Yes, there are still some loan review people here for now- but there are plans to outsource even more positions. All you would need to do is look at the organizational charts and look at some of the names on the loan review side and you'll know exactly where they are located.

As far as people who pull credit bureau reports, they are pulled automatically from the system. On the retail side, there are no folks who pull credit bureau reports.

[Carolina Blue]

Originally Posted by Yorkiegirl16

Loan Review on the retail side went through an outsourcing last year. Yes, there are still some loan review people here for now- but there are plans to outsource even more positions. All you would need to do is look at the organizational charts and look at some of the names on the loan review side and you'll know exactly where they are located.

As far as people who pull credit bureau reports, they are pulled automatically from the system. On the retail side, there are no folks who pull credit bureau reports.

Let’s have a little banking lesson people. “Loan Review” is the group that reviews loans for compliance to credit policy “after they have been made”. They review specific portfolios of loans within a bank. They are like an auditing group. That group, in its entirety, will “never’ be outsourced. Again, I believe you guys are talking about the initial credit analysis teams. You may call them “Loan Review” but in the banking world, that’s not what they are (just ask around in your building). If you “are” talking about a group of credit analysis teams, rather they are in Loan Review or wherever, then what you are saying is exactly what I’ve said all along, and what Wachovia has said officially regarding the matter; that they are sending “back-office and processing work to an India”.

[Yorkiegirl16]

Originally Posted by Carolina Blue

Let’s have a little banking lesson people. “Loan Review” is the group that reviews loans for compliance to credit policy “after they have been made”. They review specific portfolios of loans within a bank. They are like an auditing group. That group, in its entirety, will “never’ be outsourced. Again, I believe you guys are talking about the initial credit analysis teams. You may call them “Loan Review” but in the banking world, that’s not what they are (just ask around in your building). If you “are” talking about a group of credit analysis teams, rather they are in Loan Review or wherever, then what you are saying is exactly what I’ve said all along, and what Wachovia has said officially regarding the matter; that they are sending “back-office and processing work to an India”.

It's all in the title. What you are referring to is Retail Compliance and no that is not being outsouced. The area I am referring to is indeed called Loan Review and in this particular function, they review the documents for accuracy such as name, loan amounts, etc. Some banks might even refer to it as post closing. We are talking about two different functions.

[Carolina Blue]

Originally Posted by Yorkiegirl16

It's all in the title. What you are referring to is Retail Compliance and no that is not being outsouced. The area I am referring to is indeed called Loan Review and in this particular function, they review the documents for accuracy such as name, loan amounts, etc. Some banks might even refer to it as post closing. We are talking about two different functions.

The latest trends in efficiently managing the loan review process
RMA Journal, The,
June, 2005 by Kathleen M. Beans
Moderator cut: Posting copyrighted material from another site or publication violates that sites ToS and is prohibited on City-Data
Link: http://findarticles.com/p/articles/m...7/ai_n14897656
Link: http://findarticles.com/p/articles/m...n14897656/pg_6

[Yorkiegirl16]

Originally Posted by Carolina Blue

The latest trends in efficiently managing the loan review process
RMA Journal, The,
June, 2005 by Kathleen M. Beans
Moderator cut: Posting copyrighted material from another site or publication violates that sites ToS and is prohibited on City-Data
Link: http://findarticles.com/p/articles/m...7/ai_n14897656
Link: http://findarticles.com/p/articles/m...n14897656/pg_6

The Loan Review Area that falls under the accounting umbrella has been reduced due to outsourcing. More jobs are planned to be outsourced from that areas as well. I can't speak for Credit Risk Management or Compliance as I don't deal with those areas. I don't know what their short or long term plans are. I've described the functions being outsourced and those functions are performed in an area called Loan Review.

[Carolina Blue]

Originally Posted by Yorkiegirl16

The Loan Review Area that falls under the accounting umbrella has been reduced due to outsourcing. More jobs are planned to be outsourced from that areas as well. I can't speak for Credit Risk Management or Compliance as I don't deal with those areas. I don't know what their short or long term plans are. I've described the functions being outsourced and those functions are performed in an area called Loan Review.

You are talking about “Wachovia Mortgage Corporation” which is only one division of the larger company. Again, the whole point that I’ve been making is that Brian1970 was attempting to paint a broad brush here when simply saying that “Wachovia is outsourcing its Loan Review jobs”. They are outsourcing “back office functions” in their Mortgage unit. What was originally said was misleading.