CSC Teams with Quandis to Offer Expanded Mortgage Default Management Services
News Release -- February 28, 2012
Web-Based Portal Leverages CSC’s EarlyResolution Software, Enhances Loss Mitigation Oversight and Short Sale Transactions
FALLS CHURCH, Va., Feb. 28 – CSC (NYSE: CSC) today announced it has teamed with Quandis to offer CSC’s EarlyResolution clients and prospects a new short sale tracking and fulfillment portal to accelerate processing cycles. This benefits consumers who wish to sell their homes instead of foreclosing and reduces losses for mortgage investors. EarlyResolution is CSC’s lending default management system, which, together with the complementary functionality from Quandis, will enhance coordination across the entire mortgage loss mitigation life cycle, including short sales, helping mortgage servicers to improve communications and provide a single point of contact for borrowers.
Under the agreement, CSC and Quandis will build and maintain a Web-based data exchange interface to facilitate short sale offers between servicers, agents, borrowers and investors in one platform. Through the Software as a Service (SaaS) offering, users can coordinate time-sensitive information and provide a single audit trail from initial borrower contact through short sale plan completion. The interface will improve operating efficiencies and reduce short sale case cycle times, increasing the probability of short sale approval.
“Short sales are becoming more prevalent as the mortgage delinquency pipeline moves from retention toward litigation,” says Scott Stoddard, chief executive officer of Quandis. “Approximately 30 percent of short sale requests conclude with the sale of the home, and we are looking to significantly increase this percentage through our collaboration with CSC, thereby reducing the likelihood of foreclosure for borrowers in default.”
“This joint effort offers servicers a sophisticated and flexible short sale processing and tracking system that will improve loss mitigation decision-making and short sale results,” says John Dickson, president of CSC’s Banking and Credit Services Division. “EarlyResolution clients gain a highly secure, integrated tool to improve the short sale fulfillment ratio and enhance multi-party communication.”
EarlyResolution is a leading consumer lending default management solution offered in a SaaS environment. In use by the top three U.S. mortgage servicers, EarlyResolution assists in finding effective solutions when borrowers are in default, improves collections and loss mitigation operating efficiency, and helps servicers react quickly to regulatory and other changes. For more information, visit www.csc.com/EarlyResolution.
Founded in 2003 and headquartered in Foothill Ranch, California, Quandis is a default management software provider specializing in Web-based solutions for the lending industry. Quandis’ solutions include foreclosure process automation, short sale portals, skip tracing systems, a valuations hub, military search services, bankruptcy status searches, collection solutions, as well as custom application development. The company’s clients range from lenders to banks, servicers, foreclosure attorneys, outsourced service providers, and agents and brokers. For more information, please visit www.quandis.com or call (949) 525-9000.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSC’s global financial services team to turn their ambitions into realities. With a track record for delivering software, consulting, and IT and business process outsourcing and services at scale, CSC brings a deep understanding of the financial services business and a collaborative culture to one of the industry’s most engaged client communities. For more information, visit www.csc.com/financialservices.
CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 98,000 employees and reported revenue of $16.0 billion for the 12 months ended December 30, 2011. For more information, visit the company’s website at www.csc.com.