I found this in a LA Times article and have yet to verify if this is in fact true. If it is, then Countrywide borrowers are in serious trouble.
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Foreclosure help is coming… from India
Update: Commenter Cal points out a headline we missed today: Countrywide said it is hiring as part of its foreclosure prevention efforts, and the new jobs are in India — yes, India, not Indiana: From the company’s presentation today in San Francisco: “Increased staffing levels in India for home retention and loss mitigation efforts, shifting additional costs to an area with lower labor expense.”
News item from Reuters: “Countrywide Chief Executive Angelo Mozilo said Tuesday the largest U.S. mortgage lender is ‘out’ of the subprime business, apart from offering home loans eligible for purchase by government-sponsored enterprises.”
If this is true, then this an unbelievably stupid move by Angelo Mozilo. Something as delicate as handling delinquent homeowners should never be outsourced to a foreign country.
Mortgage loss mitigation is a delicate operation and should be handled with the utmost care and attention in order for these departments to be effective and accomplish what they are designed to do, “mitigate loss.” Dealing with their American loss mitigation operation is pretty much a joke and I can imagine the run around Countrywide borrowers will get now.
Come on Mr. Mozilo! If you expect to continue lending and being an industry leader in a rapidly shrinking mortgage market, then you I suggest you treat the customers/borrowers you have now with respect and empathy like when you sold them the loan they now can’t afford.
You’ re in the public spotlight big time Angelo and you’re making some pretty lame moves on the PR front!
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I think you are wrong,they are helpful,as an american its really hard to say its true that they have hearts,they listen to our queries…
You are totally wrong. We at 1 Search Information take all the projects with utmost care and execute with 100% satisfaction. Outsourcing to India will cut the cost in your transactions also improving your margin of profits. As the article states “Mortgage loss mitigation is a delicate operation and should be handled with the utmost care and attention in order for these departments to be effective and accomplish what they are designed to do, “mitigate loss.” I agree with this and when certain projects are outsourced we in India not only consider it as just a job but become a part of it, meaning if my project will involve stopping foreclosure then we would focus only on stopping the foreclosure by increasing loan modifications or offering other resolutions which would not only stop the foreclosure but also stop reducing the credit score of the customer and reducing the foreclosure rate to the least possible. You must agree that there would be certain loans for which no resolution can be done. When the projects are outsourced we work 24 hrs on the project which would give less execution time on the Loans that are processed.
Indians do have hearts and we know how it is to loose a house where you lived for quite some time with all the good and bad memories, no body wants to loose their home.
I also agree that there are certain outsourcing companies that do not fulfill the requirements but not all.
We at 1 Search Information can offer you the following advantages when its comes to the Home Retention (Stopping Foreclosure):
1. Information Security
2. TAT ( Turn Around Time) of the loans processed
3. Reducing the number of foreclosures
4. Improved customer service
1 Search Information team has the knowledge to execute all the tasks involving loan modifications, foreclosure activity, under writing and Quality Control.
Contact us for more information