BURLINGAME, Calif.--(BUSINESS WIRE)--Quatrro Mortgage Solutions, a subsidiary of Quatrro BPO Solutions (Quatrro), founded by Raman Roy, has announced the acquisition of the mortgage technology platform and onshore-offshore loan processing operations of Preferred Financial Group, Inc., Burlingame, California, U.S.A. Using this acquisition as a base, Quatrro plans to provide end-to-end fulfillment services to U.S. mortgage lenders across the United States of America.
This acquisition enhances Quatrro’s capability of end-to-end processing of high volume of mortgage loans using an onshore-offshore model. It allows Quatrro to provide world-class service at a price-point projected to be 30% to 50% lower than current processing costs in the United States, reflecting the superior efficiency of the acquired state-of-the-art technology platform coupled with the cost-effective onshore-offshore service solution.
“This coming together of two successful organizations with talented people and great business acumen is in line with our creating value by innovation strategy, which involves attracting and supporting entrepreneurial management teams by building high-end third party businesses in underserved and uncontested market spaces,” Mr. Roy said. “I am very excited at the possibilities this opens up for Gary Bettin, CEO Mortgage solutions business and his team. The acquisition will be a catalyst to further accelerate growth and performance for Quatrro. ”
Preferred Financial Group, Inc. (PFG) is a privately-held financial services corporation that originates, underwrites and funds mortgage products. The company developed its ePowersm proprietary mortgage technology platform to deliver fully integrated and automated underwriting, pricing and locking to enhance productivity, strengthen customer relationships, and improve quality. Following the acquisition, PFG proposes to take advantage of Quatrro’s expanded processing expertise and cost savings to serve its own customers with increased efficiency at a lower cost. It will also provide ongoing support and domain expertise to Quatrro on business development through automated tools like ePowersm.
PFG principals, Rajiv Gujral and Ashok Gujral stated, “We are delighted to partner with Quatrro in this unique initiative. We see Quatrro’s acquisition of our mortgage technology platform and our India-based business fulfillment operation as a strong validation of PFG’s strategic vision over the past two years. Quatrro’s depth, the experience and talent of their professionals coupled with our ePowersm mortgage technology platform will make them an even stronger force in the industry. We look forward to a very long relationship with them.
Gary Bettin, Chief Executive Officer of Quatrro Mortgage Solutions, described the acquisition as a positive development that will help establish Quatrro in the loan fulfillment business. “This move will enable U.S. mortgage lenders to take advantage of onshore/offshore efficiencies from a single window at significant cost savings,” he said.
Quatrro is a BPO company focusing on pioneering new service lines, geographies and business models in Business Process Outsourcing. The company provides a range of vertical and horizontal service offerings which are targeted towards global clients in North America, Europe and Asia. Quatrro’s solutions encompass healthcare, technical support, banking, finance and accounting, market research and technical solutions, in addition to the mortgage arena.
“Creating value through innovation” is the cornerstone of Quatrro’s business philosophy. The company is on a constant mission to provide its clients with innovative solutions at lower costs through a combination of tools, platforms and business processes
About Preferred Financial Group, Inc.
Founded in 1991, PFG has operated profitably since its inception. Preferred’s business model emphasizes prime residential mortgage loan originations and is built on a foundation of people driven by a quest to deliver loan products with consistently high levels of customer satisfaction, supported by productivity-enhancing and relationship-building technology. The company sells all products and services on a servicing-released basis through established relationships with agencies, private channels and major financial institutions. Wholesale Lending Online (WLO), the wholesale arm of PFG, is licensed in 32 states and currently generates over 80% of the overall business. WLO will account for virtually all of PFG’s projected growth in mortgage originations for 2007 and 2008. PFG’s retail arm operates primarily in California under the name Preferred Mortgage Services.