Infosys BPO Partners with MortgageFlex
Alliance Addresses the U.S. Mortgage Industry's Growing Loan Modification Demands
Bangalore, India - August 25, 2009: 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.