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August 24, 2009

Infosys BPO forms alliance with MortgageFlex Systems

To address the US mortgage industry's loan modification demand

By CBR Staff Writer

Infosys BPO, a Bangalore, India-based business process outsourcing subsidiary of Infosys Technologies, has formed an alliance with Florida-based MortgageFlex Systems. The alliance focusses to address the US mortgage industry’s loan modification demand by providing support for US loan modification initiatives as defined under the Home Affordable Modification Program (HAMP) or alternative loan modification programs.

The Infosys-MortgageFlex collaboration offers a combination of loan modification services, focussing on document reviews, payment plan creation, underwriting modifications and closing services while utilising technology offerings in a hosted environment.

Ritesh Idnani, head worldwide sales and marketing and IBU head, BFSI at Infosys BPO, said: A partnership with MortgageFlex allows us to provide a unique offering to the US 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.”

MortgageFlex Systems is an origination and servicing technology supplier for the US mortgage industry. According to Infosys, government-aided programs have added further impetus to the loan modification business, with lenders and servicers struggling to comply with the new regulations. The alliance is expected to give US lenders and servicers an opportunity to eliminate ramp-up fixed costs and staff for relatively short durations.

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William Black, chief information officer of MortgageFlex, said: 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. A hosted solution eliminates the high overhead of data center personnel and maintenance, while maintaining system compliance integrity by knowledgeable experienced staff.

Lester Dominick, president of MortgageFlex, said: 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 provider of services to banks and servicers in the mortgage space and has around 800 associates servicing various clients in areas such as originations, servicing, secondary marketing, default management, collections and loan modifications.

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