String Real Estate Services to double manpower by year-end

Chennai, Aug 29 (UNI) City-based String Real Estate Information Services, world's leading offshore mortgage process outsourcer, has chalked out plans to double its capacity in the city by the end of this year to meet the growing demand.

Addressing a press conference here, its Founder-CEO Prashant P Kothari said the company, as part of its expansion plans in tier-II towns next year, would open operations in Tiruchirapalli and Madurai, involving an investment of about four million US Dollars.

String, which started operations in 2005 with a 12-member team, had been exclusively focusing on the American mortgage industry.

Since then, it had grown substantially to employ 450 people and the company was projected to employ 1,100 people by March next year, he said.

The company would continue to focus on transaction process, Mr Kothari said, adding that ''being uniquely and exclusively focused on outsourcing solutions for the mortgage industry, String sees an opportunity as the current crisis and the resultant demands it places on mortgage lenders plays well to String's strengths.'' He said lenders used a number of processes to determine that the borrower was an acceptable risk and the property was a safe investment. A significant portion of this work could be offshored and String offered outsourcing solutions to mortgage firms and service providers of the mortgage industry by preparing reports that help lenders underwrite loans, he added.

UNI