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CSC Upgrades Mortgage Default Management Solution
Aug 06, 2007 (08:08 AM EDT)
EL SEGUNDO, Calif., Aug. 6 /PRNewswire-FirstCall/ -- Computer Sciences Corporation announced today that it has added significant new loss mitigation capabilities to its EarlyResolution mortgage default software-as-a-service solution. The new features increase mortgage servicers' ability to facilitate workouts that minimize investor credit losses and help borrowers keep their homes.
The key component of the new release gives servicers the ability to perform financial analysis on loan modifications, short sales and deed-in-lieu-of-foreclosure solutions. Through the use of new analytical tools, including net-present-value and loss severity calculations, servicers can assess the financial impact of retention and liquidation workout options and seamlessly conduct loss mitigation evaluations across their collection and loss mitigation departments. The tools are also configurable, enabling servicers to construct financial analysis as necessary, based on the needs of multiple, unique investors and portfolio servicing rules.
"Our staff is now able to quickly capture the information necessary to determine the appropriate workout option based on a borrower's specific situation, as well as financial impact and viability," said Ed Delgado, Wells Fargo Home Mortgage senior vice president. "This release gives us the loss mitigation decision-making tools necessary to help more borrowers keep their homes while meeting our fiduciary responsibility to our investors."
"We are pleased to introduce this important set of enhancements at a time when rising delinquency rates and payment shock are making loan modifications and liquidation workouts more important than in the past," said Kevin Schlumpf, managing director of the EarlyResolution practice within CSC's Financial Services Sector. "By providing best-in-class decisioning tools that improve business results, CSC is delivering what clients need to mitigate their losses and help their borrowers."
CSC's EarlyResolution is a leading consumer lending default management solution offered in a software-as-a-service environment. In use by five of the top 10 mortgage servicers, EarlyResolution helps servicers find effective solutions when borrowers are in default, lower collection costs associated with defaults and enable more borrowers to keep their homes when facing potential foreclosure.
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 87,000 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. Headquartered in El Segundo, Calif., CSC reported revenue of $14.9 billion for the 12 months ended March 30, 2007. For more information, visit the company's Web site at http://www.csc.com .
CONTACT: Jackie VanErp, Vice President, Marketing, Financial Services firstname.lastname@example.orgSector, +1-512-275-5844, , or Janet Herin, Manager, MediaRelations, Corporate, +1-310-615-1693, , both of ComputerSciences Corporation
Web site: http://www.csc.com/