- Rigorous Testing and Business Continuity Planning
Promote Smooth Transition Into 2000 -
CALABASAS, Calif., Jan. 4 /PRNewswire/ -- Countrywide Credit Industries,
Inc. (NYSE: CCR), a global leader in residential finance, has long been one of
the mortgage industry's technological leaders. This high-tech focus, and the
company's dedication to unsurpassed service, fueled successful efforts to
enter the new year without any material problems associated with Y2K.
Countrywide's Y2K preparations were coordinated by a multi-disciplined
millennium rollover task force, which completed round-the-clock system testing
that ran from Friday afternoon, December 31, 1999, through Monday evening,
January 3, 2000. These tests confirmed that Countrywide's applications and
systems were operating normally as of January 1, 2000, as well as the
company's electronic interfaces with its business partners. Branches from
each of Countrywide's major subsidiaries (Countrywide Home Loans, Full
Spectrum Lending, LandSafe, Countrywide Insurance Services and Countrywide
Capital Markets) also participated, electronically transmitting sample
transactions among Countrywide's proprietary underwriting and processing
systems and the company's loan servicing system.
"I am pleased to announce that the results of all system tests and
operations met all of our expectations," said Angelo R. Mozilo, Countrywide's
Chairman and Chief Executive Officer. "In addition, our increased attention
to potential security issues prevented problems with personal safety, data
security or computer viruses, which many Y2K experts had identified as more
serious threats than date inconsistencies. Clients and business partners can
rest assured that they will experience no foreseeable delays or disruptions in
service on Countrywide's part as a result of the date rollover."
The rigorous date rollover testing culminated an arduous three-year
process. Countrywide's Y2K initiatives included independent validation of
Y2K-compatibility by an independent consulting firm; inter-industry testing of
transactions with Fannie Mae, Freddie Mac and Ginnie Mae, as well as title
insurers, credit bureaus and other entities involved in the home loan
origination process; joint testing with members of the securities industry;
and an ily reprogrammed and re-engineered the system for Y2K
compliance by November 1998. The company also tested critical client-server
applications and third-party software programs, as well as wide area network
components, telecommunications systems, unique business systems and personal
computers used by employees nationwide. Non-compliant software and hardware
were either repaired or replaced. The company developed a database to track
the Y2K status of Countrywide strategic business partners, vendors and
suppliers, and performed joint testing of its electronic interfaces with its
major business partners.
As part of its Y2K planning, Countrywide also reviewed and strengthened
its full-scale business continuity planning, which addresses foreseeable
emergencies that could impact the company's operations. Countrywide employed
an independent vendor expert in business continuity planning to review its
procedures on a company-wide basis and assist in assessing and improving the
contingency plans for each of Countrywide's business units. All mission
critical business units participated in a major disaster simulation to test
the interaction of the business recovery plans of multiple business units.
A member of the S&P 500, Countrywide Credit Industries, Inc. originates,
purchases, sells, and services loans for single-family homes through its
primary subsidiary, Countrywide Home Loans, Inc. The company is headquartered
in Calabasas, California and has more than 10,000 employees with more than
550 offices across the country.
SOURCE Countrywide Credit Industries, Inc.
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Related links:
http://www.countrywide.com
Company News On-Call:
http://www.prnewswire.com/comp/102559.html or fax,
800-758-5804, ext. 102559
CONTACT:
Mark Benhard or Amber Cousins both of
Countrywide, 800-796-8448, pressroom@countrywide.com
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