DALLAS, Sept. 27 /PRNewswire-FirstCall/ -- SOURCECORP, Inc.
(Nasdaq: SRCP), a leading provider of business process outsourcing solutions,
has been selected to provide imaging, indexing and electronic image loan
delivery services to approved loan Sellers in support of Countrywide Home
Loans Correspondent Lending Division's electronic loan delivery initiatives.
SOURCECORP's systems and procedures have been designed to conform to
Countrywide's electronic image loan capture and delivery specifications.
These services should support the efforts of potential loan Sellers in sending
their loan files, in approved formats and without substantial up-front capital
investment in technology, directly to SOURCECORP Production Centers for
conversion and secured routing to Countrywide for purchase review.
In addition, SOURCECORP can provide this captured loan information back to
potential loan Sellers in paper, image on media or electronic storage format
through its proprietary document repository, FASTRIEVE(TM). This process is
designed to reduce cycle times for loan processing and review, as well as loan
conversion costs, and improve correspondent document management processes.
"The use of imaged loan files has gained significant momentum and we
believe will become a predominant method of loan acquisitions," said Kerry
Walbridge, Group President of SOURCECORP's Business Process Solutions
Unit. "SOURCECORP provides a value proposition designed to minimize capital
expenditures and to facilitate the capture and transfer of digital loan files
securely over the web. Likewise, by leveraging SOURCECORP's national
footprint of processing centers located throughout the continental U.S.,
shipping costs for conventional paper documents can be minimized and investors
may be able to reduce the cycle time by as much as 20 days."
"Countrywide Home Loans is one of the premier mortgage companies in the
nation and continues to set new standards for the industry. As a valued
customer for SOURCECORP, we continue our efforts to develop and implement BPO
solutions that support their business strategies and goals," stated Ed Bowman,
Jr., President and CEO of SOURCECORP. "Countrywide's success and the
criticality of electronic document management to the mortgage industry have
been key drivers for our investment in FASTRIEVE and its workflow components,
creating what we believe to be one of the BPO industry's leading image
repository technologies."
"SOURCECORP has continued its commitment to develop solutions designed to
reduce our time to market and provide successful data conversion services
throughout Countrywide's Correspondent Lending Division," said Marius Nicolau,
Executive Vice President of Loan Acquisitions for Countrywide's Correspondent
Lending Division. "Because of this commitment, potential loan Sellers may
choose the convenience and efficiency of imaged file delivery and electronic
file storage while minimizing the substantial up-front capital costs usually
associated with it."
Data conversion services for Countrywide are provided out of SOURCECORP's
Carson, California Operations Center. Conversion capabilities for electronic
loan image delivery are expected to come online in the near future at
current SOURCECORP facilities in the Midwest and on the East Coast.
About SOURCECORP(R)
SOURCECORP, Incorporated provides business process outsourcing solutions
and specialized high value consulting services to clients throughout the
U.S. SOURCECORP focuses on business processes in information-intensive
industries including healthcare, legal, financial services, government and
transportation & logistics. Headquartered in Dallas, the Company serves
clients throughout the United States through a network of locations in the
U.S., Mexico and India.
SOURCECORP is a component of both the S&P SmallCap 600 Index and the
Russell 2000 Index. The Company has been cited among the Top 100 Hot Growth
Companies by BusinessWeek magazine. SOURCECORP has also been recognized twice
by Forbes magazine as one of the 200 Best Small Companies, based on return
equity, sales growth, and EPS growth, and by FORTUNE magazine as one of
America's 100 Fastest Growing Public Companies. For more information
about SOURCECORP's solutions, including case-study examples, visit
the SOURCECORP website at http://www.sourcecorp.com .
The statements in this press release, which are not historical fact, are
forward-looking statements that involve risks and uncertainties, which could
cause actual results to differ materially from such forward-looking
statements. These forward-looking statements include, but are not limited to,
any financial estimates, projections, and estimates of future contract values
included in this press release. The aforementioned risks and uncertainties
include, without limitation, the risks of integrating our operating companies,
of the timing and magnitude of technological advances, of the occurrences of a
diminution in our existing customers' needs for our services, of a change in
the amount companies outsource business processes, of the impact to margins
resulting from a change in revenue mix as well as the risks detailed
in SOURCECORP's filings with the Securities and Exchange Commission, including
without limitation, those detailed under the heading "Risk Factors" in the
Company's most recent annual report on Form 10-K. SOURCECORP disclaims any
intention or obligation to revise any forward-looking statements, including
financial estimates, whether as a result of new information, future events, or
otherwise, except as required by law.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a member
of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries,
provides mortgage banking and diversified financial services in domestic and
international markets. Mortgage banking businesses include loan production
and servicing principally through Countrywide Home Loans, Inc., which
originates, purchases, securitizes, sells, and services single-family
residential loans. The company is headquartered in Calabasas, California and
has more than 35,000 employees with over 600 offices. For more information
about the company, visit Countrywide's Web site at
http://www.countrywide.com .
Countrywide is not affiliated with SOURCECORP and is not responsible for
the products or services provided by SOURCECORP.
SOURCE SOURCECORP
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Related links:
http://www.sourcecorp.com
http://www.countrywide.com
Company News On-Call:
http://www.prnewswire.com/comp/117986.html
CONTACT:
Mary Leos, Director, Corporate Marketing &
Communications of SOURCECORP, +1-214-740-6907, or
maryleos@srcp.com
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