Misys Loan IQ installed in company headquarters, Calabasas, California
London, 23rd May 2005 – Countrywide Capital Markets, a division of Countrywide Financial Corporation (NYSE: CFC), the leading player in the US residential mortgage market, has installed Misys Loan IQ to manage its commercial mortgage business. The solution, implemented earlier this year, offers Countrywide a single software platform to book, maintain and sell loan positions.
Already widely known in the home mortgage market in the US, Countrywide established a commercial mortgage business, Countrywide Commercial Real Estate Finance, Inc., in 2004. It therefore needed a technology solution to underpin activity in this new business and support administration and accounting for loans and trades. Following a comprehensive review, the company selected Misys Loan IQ for its integrated loan administration and accounting functionality. Misys Loan IQ’s Mark to Market calculations and built-in accounting sub-ledgers provides Countrywide with a powerful solution that can manage and administer its commercial mortgage business and allow for growth into other commercial mortgage products if required.
The solution is now integrated across Countrywide’s front and back-office infrastructure to provide a comprehensive and seamless operational platform for its commercial mortgage business.
“With our commercial mortgage loan business growing rapidly, it was critical that we find a technology solution with straight-through operational capabilities, robust functionality, and a scalable architecture,” comments Albert Miralles, Executive Vice President of Countrywide Capital Markets. “Following an evaluation of a number of systems, we found that Misys Loan IQ would meet our current needs and would also cater to possible growth into other commercial mortgage products in the future.”
Ed Ho, CEO of Misys IQ at Misys Banking Systems, comments “Misys Loan IQ provides our customers with a robust, scalable processing tool for managing loans, which can be fully integrated with both and front and back office systems. We’re pleased to be working with Countrywide Capital Markets to enhance the development of its commercial mortgage business and look forward to continue providing the necessary tools to help it grow this business over the coming months.”
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For further information, please contact:
Edward Taylor / Arwen Vant
+44 (0)20 7269 7295 / 7212
firstname.lastname@example.org or email@example.com
Head of Marketing & Business Planning
Misys Wholesale Banking Systems
+44 (0)20 8897 1188
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 90% of the world's top 50 banks (Source: The Banker, July 2004), with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries.
Misys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries. Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK. Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs more than 6,100 people internationally. For more information, visit www.misys.com.
About Countrywide Capital Markets, Inc.
Countrywide Capital Markets, Inc. (CCM), is a wholly-owned subsidiary of Countrywide Financial Corporation (NYSE: CFC) headquartered in Calabasas, CA. CCM business units include Countrywide Securities Corporation, a registered broker-dealer specializing in underwriting, buying and selling mortgage-backed debt securities; Countrywide Servicing Exchange, an advisory and brokerage firm specializing in the transfer of bulk loan mortgage servicing rights portfolios between third parties; Countrywide Asset Management, a full-service company that acquires, services and manages distressed residential mortgage loan assets for rehabilitation and eventual sale; Countrywide Commercial Real Estate Finance, Inc., a provider of fixed- and floating-rate financing for multi-family and commercial properties; CCM International based in London; and Countrywide Capital Markets Asia based in Tokyo. Through its subsidiaries, Countrywide Financial Corporation – America’s #1 residential lender as ran
ked by Inside Mortgage Finance (Jan. 28, 2005), Copyright 2005 – provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500, Fortune 500 and Forbes Global 2000, Countrywide Financial Corporation has a global workforce of more than 40,000 in over 700 offices.
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