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."