ALLTEL integrates Freddie Mac's EarlyResolution® for mortgage clients

LITTLE ROCK, Ark. – ALLTEL announced today its Mortgage Servicing Package (MSP) has been integrated with Freddie Mac's EarlyResolution® to improve the efficiency of the collection process.

EarlyResolution is Freddie Mac's Web-based scripting tool for helping counselors resolve borrowers' loan delinquencies. This offering is now available to all ALLTEL clients.

The integrated EarlyResolution software is now in use at Wells Fargo Home Mortgage Inc., National City Mortgage and IndyMac Bank, and implementations are in progress with additional ALLTEL clients. ALLTEL provides a two-way interface, which uploads data from MSP to the EarlyResolution database on a daily basis. As counselors work the loans in EarlyResolution, data is fed back to ALLTEL via the interface and updated in real-time.

"The integration of EarlyResolution into MSP creates a significant advantage for our client," said Victoria Yee, product planning manager of ALLTEL's default solutions. "Early Resolution offers a data exchange that enables servicers to work faster, smarter and more cost effectively in their collection efforts."

Computer Sciences Corporation, one of the world's leading consulting and information technology services firms, hosts EarlyResolution and provides ongoing development, application maintenance, security and customer support.

First announced in 2000, Freddie Mac's EarlyResolution provides counselors with consistent direction for a wide range of reinstatement and workout options on prime and sub prime portfolios. Intricate investor-servicing requirements are handled easily, including private portfolios. "EarlyResolution is a proven tool for reducing losses by turning more delinquencies into successful workouts," said Phillip E. Comeau, Freddie Mac's vice president of single-family servicing and cash management operations. "The seamless link with ALLTEL's MSP brings measurable efficiencies to the collections process."

Wells Fargo Home Mortgage was an early adopter of EarlyResolution. "Freddie Mac's and ALLTEL's integrated solution has reduced our foreclosure volumes, produced strong documentation, and enhanced our customer service levels," said Robert Caruso, senior vice president of loan servicing at Wells Fargo Home Mortgage. "There is clear evidence that it has reduced the cost to service each loan."

National City Mortgage conducted a formal cost benefit analysis before installing the software in August of 2002. Though preliminary, the results point to operational improvements across the board. "As expected, we're experiencing more consistent servicing of our customers, better documentation and substantially reduced training requirements," said Deborah Oakley, National City Mortgage's senior vice president of default management.

Forty-seven of the top 50 U.S. banks rely on ALLTEL's products and services. ALLTEL provides loan-servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications.

ALLTEL, with more than 12 million communications customers and $7.7 billion in annual revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.

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