(Port of Spain) – Mortgage processing company Evolve Mortgage Services, headquartered in Frisco, Texas, has expanded its labour pool now employing 55 local persons as part of a decision to nearshore part of its operations. The entire process was guided by the Trinidad and Tobago International Financial Centre (T&T IFC) which successfully encouraged the company to utilize our local labour with similar time zones, a high level of professional graduates and high internet penetration.
Evolve currently employs 400 persons in total (from the United States and Trinidad and Tobago) and local persons hold job positions as VP Operations; Compliance Auditor; Senior Developer, Systems/Business Analyst, Support Engineer and Quality Assurance Systems Analyst/Solutions Developer, and the company plans to expand its operations in the future. Paul Anselmo, Chief Executive Officer, Evolve Mortgage Services said, “In the United States, we hired over 70 underwriters in the last year and in Trinidad, we have grown from 12 to 55 persons in a 2.5-year period. We have been continually hiring based on our needs and we expect to hire at least 30 more persons from T&T in the next 12 months.”
Evolve’s services include Origination Services (provides back-office support for clients by processing, underwriting, verifying, and providing disbursement instructions on mortgage loans in primary and secondary markets); Closed Loan Services (compliance reviews, credit reviews, document management and investor loan delivery) and Technology Services (price engine, underwriting systems, closed loan due diligence and outbound trade).
The COVID-19 pandemic he said did not change the way business is conducted but has highlighted its motto “Forward Thinking Seamless Solutions”. Mr. Anselmo stated, “We have seen an increase
on the number of persons accessing our mortgage solutions and the company has grown since the start of the pandemic. We were a virtual company even before COVID, and we have persons working from home in various states. In Trinidad and Tobago, some can work from home or come to the office (located at the International Waterfront building in Port of Spain) two days per week but with the pandemic we shifted everyone to home.”
He praised the involvement of the T&T IFC which initially acted as a liaison between Evolve and local recruitment agencies, “We continue to use local services such as recruitment agencies online job platforms and social media to recruit individuals. The T&T IFC also uses their extensive mailing lists to send out our job vacancies. Some of these persons include past participants of workshops and bursary programmes.”
T&T IFC Chief Executive Officer Omar Sultan-Khan acknowledged the great work of Evolve, “With its continuous contribution of Foreign Direct Investment particularly during this challenging time, as well as its progressive work environment, Evolve is an excellent asset to Trinidad and Tobago’s business landscape.”
Some of Evolve’s achievements from 2020 to present include Closed Loan Due Diligence on over 126,000 loans representing US$31.5b in loan volume and underwriting services on more than 65,000 loans representing US$16.5b in loan volume. In December 2020, it acquired Veptas, Inc., a technology platform that allows Evolve to streamline appraisal orders and facilitate adherence to appraisal independence requirements. Subsequently in March 2021, Signia Documents, a company under Evolve was recognized by Housing Wire as a top innovator in mortgages. The company is quoted among the list of 2021 HW Tech100 Mortgage honorees as “leading the way toward a more innovative and efficient housing market.”
Mr. Anselmo also believes that Evolve is poised for growth especially as, “The US mortgage market is experiencing rapid change to the Government Sponsored Entities of Fannie Mae and Freddie Mac implementing portfolio restrictions. This is driving a paradigm shift into the private securitization market. Evolve is approved by all Rating Agencies and is well positioned to transition and capture this business. Our underlying philosophy, and it is at the heart of everything we do – is to change the way loans are bought and sold.”
– Press release