Computer Sciences Corporation
Contact: Jackie VanErp FOR IMMEDIATE RELEASE
Vice President, Marketing Moved On PR Newswire
Financial Services Sector February 14, 2008
Manager, Media Relations
CSC TEAMS WITH HOPE NOW ALLIANCE MEMBERS TO PROVIDE
CONSUMER CREDIT COUNSELING PORTAL
CSC’s EarlyResolution Software as a Service Aims to Reduce Mortgage Foreclosures
EL SEGUNDO, Calif., Feb. 14 – Computer Sciences Corporation (NYSE: CSC)
today announced that it has teamed with HOPE NOW Alliance members Wells Fargo
Home Mortgage, Bank of America, PMI Mortgage Insurance Co. and Consumer Credit
Counseling Service (CCCS) of Greater Atlanta Inc., to develop CSC’s EarlyResolution
Counseling Portal (ERCP), a national technology service designed to help nonprofit credit
counselors reduce mortgage foreclosures. In January, CSC delivered ERCP to Wells
Fargo, Bank of America, Countrywide and CCCS for pilot testing. The service will be
generally available later this month.
ERCP is an extension to CSC’s EarlyResolution (ER) consumer lending default
management software-as-a-service offering. ER is a loss mitigation tool that five of the top
10 mortgage servicers use to find effective solutions when borrowers are in default. The
service helps borrowers facing potential foreclosure keep their homes and lowers
collection costs associated with defaults.
Financial Services Sector
200 West Cesar Chavez
Austin, Texas 78701 U.S.A.
Computer Sciences Corporation – page 2 February 14, 2008
The new counseling portal, which provides a common platform for mortgage
servicers and nonprofit consumer counselors, takes advantage of ER’s scalability, rules
engine, hosted secure operating environment and Web accessibility. With ERCP, mortgage
servicers will be able to make loan data readily accessible to participating credit
counselors. Counselors can then complete their debt evaluations, after considering the
mortgage contract and all secured and unsecured debt, and return workout
recommendations to the servicer.
With these automated capabilities, counselors will be able to handle a higher
volume of inquiries and reduce training time and costs. ERCP’s technology will also
streamline loss mitigation referrals to servicers by recommending workout options for
delinquent borrowers that are consistent with servicer guidelines and in compliance with
“This is a unique cohesive effort between nonprofit counseling groups and
mortgage servicers who are aligned to preserve home ownership,” said Ed Delgado, Wells
Fargo Home Mortgage senior vice president and HOPE NOW Alliance Technology
Committee chair. “With CSC’s help, HOPE NOW is providing a scalable, national
solution to help stabilize the housing market.”
HOPE NOW is an alliance between counselors, servicers, investors and other
mortgage market participants. The alliance, which is encouraged by the U.S. Department
of Treasury and U.S. Department of Housing and Urban Development, is increasing its
outreach efforts to homeowners in distress and creating a unified, coordinated plan to
support as many of them as possible.
“Since 2002, EarlyResolution has been proving its ability to bring consistency to
the loss mitigation decision process and reduce foreclosures,” said Kevin Schlumpf,
managing director of the EarlyResolution practice within CSC’s Financial Services Sector.
“CSC’s work with the HOPE NOW Alliance advances our objective of putting the right
tools in place across all potential borrower contact channels – servicers, counseling
agencies and borrowers.”
Computer Sciences Corporation – page 3 February 14, 2008
Computer Sciences Corporation is a leading global information technology (IT)
services company. CSC’s mission is to provide customers in industry and government with
solutions crafted to meet their specific challenges and enable them to profit from the
advanced use of technology.
With approximately 91,000 employees, CSC provides innovative solutions for
customers around the world by applying leading technologies and CSC’s own advanced
capabilities. These include systems design and integration; IT and business process
outsourcing; applications software development; Web and application hosting; and
management consulting. CSC reported revenue of $16.1 billion for the 12 months ended
Dec. 28, 2007. For more information, visit the company’s Web site at www.csc.com.