DALLAS, Texas (September 27, 2004) - 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™. 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®
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 www.sourcecorp.com
Contact: Mary Leos, Director, Corporate Marketing & Communications: maryleos@srcp.com 214.740.6907
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 www.countrywide.com.
Countrywide is not affiliated with SOURCECORP and is not responsible for the products or services provided by SOURCECORP.