Extension to CSC's EarlyResolution Software as a Service Aims to Reduce Mortgage Foreclosures
EL SEGUNDO, Calif., Feb. 14 -- Computer Sciences Corporation (NYSE:CSC) today announced that it has teamed with HOPE NOW Alliance members Wells Fargo Home Mortgage, Bank of America, PMI Mortgage Insurance Co. and Consumer Credit Counseling Service (CCCS) of Greater Atlanta Inc., to develop CSC's EarlyResolution Counseling Portal (ERCP), a national technology service designed to help nonprofit credit counselors reduce mortgage foreclosures. In January, CSC delivered ERCP to Wells Fargo, Bank of America, Countrywide and CCCS for pilot testing. The service will be generally available later this month.
ERCP is an extension to CSC's EarlyResolution (ER) consumer lending default management software-as-a-service offering. ER is a loss mitigation tool that five of the top 10 mortgage servicers use to find effective solutions when borrowers are in default. The service helps borrowers facing potential foreclosure keep their homes and lowers collection costs associated with defaults.
The new counseling portal, which provides a common platform for mortgage servicers and nonprofit consumer counselors, takes advantage of ER's scalability, rules engine, hosted secure operating environment and Web accessibility. With ERCP, mortgage servicers will be able to make loan data readily accessible to participating credit counselors. Counselors can then complete their debt evaluations, after considering the mortgage contract and all secured and unsecured debt, and return workout recommendations to the servicer.
With these automated capabilities, counselors will be able to handle a higher volume of inquiries and reduce training time and costs. ERCP's technology will also streamline loss mitigation referrals to servicers by recommending workout options for delinquent borrowers that are consistent with servicer guidelines and in compliance with investor rules.
"This is a unique cohesive effort between nonprofit counseling groups and mortgage servicers who are aligned to preserve home ownership," said Ed Delgado, Wells Fargo Home Mortgage senior vice president and HOPE NOW Alliance Technology Committee chair. "With CSC's help, HOPE NOW is providing a scalable, national solution to help stabilize the housing market."
HOPE NOW is an alliance between counselors, servicers, investors and other mortgage market participants. The alliance, which is encouraged by the U.S. Department of Treasury and U.S. Department of Housing and Urban Development, is increasing its outreach efforts to homeowners in distress and creating a unified, coordinated plan to support as many of them as possible.
"Since 2002, EarlyResolution has been proving its ability to bring consistency to the loss mitigation decision process and reduce foreclosures," said Kevin Schlumpf, managing director of the EarlyResolution practice within CSC's Financial Services Sector. "CSC's work with the HOPE NOW Alliance advances our objective of putting the right tools in place across all potential borrower contact channels -- servicers, counseling agencies and borrowers."
Computer Sciences Corporation is a leading global information technology (IT) services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 91,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. CSC reported revenue of $16.1 billion for the 12 months ended Dec. 28, 2007. For more information, visit the company's Web site at www.csc.com/.
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