Bangalore, India - August 25, 2009
Alliance Addresses the U.S. Mortgage Industry's Growing Loan Modification Demands
Infosys BPO Ltd., the business process outsourcing subsidiary of Infosys Technologies, today announced its alliance with MortgageFlex Systems, Inc. The alliance focuses on the support of U.S. loan servicing loan modification initiatives as defined under the Home Affordable Modification Program (HAMP) or alternative loan modification programs.
MortgageFlex Systems is a leading origination and servicing technology solutions supplier for the U.S. mortgage industry. Founded in 1980, MortgageFlex has a long tenure of providing creative and comprehensive answers for industry issues.
The growing demand for loan modifications requires an innovative solution that combines a robust and scalable technology platform with global delivery capabilities. Government-aided programs have added further impetus to the loan modification business, with Lenders and Servicers struggling to comply with the new regulations. With a growing backlog of loans requiring intervention, outsourcing some or all loan modification functions is emerging as an attractive option.
"A partnership with MortgageFlex allows us to provide a unique offering to the U.S. market. The combination of process capabilities and technology will allow Lenders to compete effectively given emerging market dynamics. This association validates our position as a trusted transformation partner to our customers," said Ritesh Idnani, Head Worldwide Sales and Marketing and IBU Head, BFSI, Infosys BPO.
The Infosys-MortgageFlex collaboration offers a combination of loan modification services, focusing on document reviews, payment plan creation, underwriting modifications and closing services while utilizing innovative technology solutions in a hosted environment.
"We have made significant investments in our SAS 70 II-certified Data Center and are confident that our customers are guaranteed the highest level of security available today," said William Black, Chief Information Officer, MortgageFlex. "A hosted solution eliminates the high overhead of data center personnel and maintenance, while maintaining system compliance integrity by knowledgeable experienced staff," he added.
The right mix of service offerings, experience and technology, gives U.S. Lenders and Servicers an opportunity to eliminate ramp-up fixed costs and staff for relatively short durations.
Lester Dominick, President, MortgageFlex remarked, "The constant flux of today's mortgage industry, most notably government-driven compliance changes, is driving innovation as never before. Flexible solutions are a viable, cost-effective way to stay afloat. An alliance with Infosys provides an affordable choice."
Infosys BPO is a leader in providing services to banks and servicers in the mortgage space and has over 800 associates servicing various clients in areas such as originations, servicing, secondary marketing, default management, collections and loan modifications.
MortgageFlex Systems, Inc., Jacksonville, FL, founded in 1980, provides innovative loan origination, secondary marketing and servicing software solutions to the lending industry. The LoanQuest product platform supports evolving business processes as well as government compliance requirements with business rules, intuitive workflow and an embedded product and pricing engine. 800-326-3539
Infosys BPO Ltd. ( www.infosys.com/bpo), the Business Process Outsourcing subsidiary of Infosys Technologies, was set up in April 2002. Today, it is ranked among the leading BPO companies in India by NASSCOM, Dataquest, the International Association of Outsourcing Professionals, Red Herring, FAO Today, NelsonHall, and others. Infosys BPO focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process reengineering. Infosys BPO operates in India, Czech Republic, China, Philippines, Poland, Thailand and Mexico and employs 17,013 people. It closed FY 2008-09 with revenues of $316.2 million.
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 103,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.
Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31, 2009, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
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MortgageFlex Systems, Inc.
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