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New Delhi, August 5, 2003 - Exlservice
Inc., a leading third party Business Process
Outsourcing Company, today announced that it has
secured a three-year BPO contract with IndyMac
Bank®, a leading U.S. based mortgage
lender. With $9.5 billion in assets and a market
cap of $1.4 billion, IndyMac Bancorp (NYSE:NDE)
("IndyMac") through its principal subsidiary,
IndyMac Bank is a leading technology-based mortgage
lender and FDIC-insured consumer bank headquartered
in Pasadena, California.
Under this agreement, EXL will handle multiple processes
for IndyMac Bank including loan collections, new
customer verification and certain aspects of customer
service. This contract is in line with IndyMac Bank's
key initiative to improve productivity through the
utilization of an offshore outsourcing strategy.
The contract has been awarded to EXL after an extensive
evaluation process undertaken by IndyMac Bank. IndyMac
Bank used rigorous selection criteria to evaluate
eight suppliers in India and eventually selected
EXL Service for its excellence in professional management,
rigor in migration and domain expertise in both
back office and voice operations.
This project will be executed from one of EXL's
four state-of-the-art facilities in India. EXL is
currently in the process of recruiting and training
agents for IndyMac processes. EXL is targeting recruitment
of more than 1500 people in 2003 to service all
recently awarded business.
Tony Ebers, Executive Vice President of
IndyMac Bank's Home Loan Servicing division stated
"We selected EXL as our outsourcing partner
due to its commitment to quality and continuous
process improvement. EXL has a disciplined approach
to operations management that matches our own. Additionally
EXL has demonstrated a strong commitment to its
staff by providing great facilities, training and
ongoing development for employees."
Vikram Talwar, Vice Chairman and CEO,
EXL Service added, "It is heartening to note
that among eight service providers in the fray,
EXL has topped the stringent selection criteria
IndyMac Bank laid down for its outsourcing partner.
We are confident that this relationship will significantly
contribute to IndyMac Bank's successful long- term
growth strategies and enhance the scalability of
its already low-cost infrastructure."
Rohit Kapoor, President and CFO
commented from EXL's headquarters in New York: "We
are extremely happy with IndyMac Bank's decision
to award this contract to us. This testifies to
EXL's customer satisfaction arising from a deep-rooted
Process Excellence focus and an accent on deriving
significant productivity gains at the work place
through process reengineering."
EXL Service Inc. is a U.S. incorporated company
offering a wide range of BPO services from its 3
operating centers in Noida and the 4th center coming
up in Pune. EXL Service has entered into a strategic
partnership with two leading US based investment
companies namely Oak Hill Capital Partners and Financial
Tech Ventures. The company presently consists around
2100 employees and 4500 agent seats on a three-shift
basis. EXL is uniquely positioned to provide both
transaction processing and customer contact services
to corporations in the US and UK.
With $9.5 billion in assets and a market cap of
$1.4 billion, IndyMac Bancorp (NYSE:NDE) ("IndyMac")
through its principal subsidiary, IndyMac Bank is
a leading technology-based mortgage lender and FDIC-insured
consumer bank headquartered in Pasadena, California.
IndyMac provides mortgage products on a nationwide
basis through its business relationships with mortgage
brokers, mortgage bankers, financial institutions,
realtors and homebuilders. It also provides mortgage
loans and banking products and services directly
to consumers nationwide through the Internet, telephone
and its Southern California retail branches. By
leveraging its award-winning e-MITS technology --
which facilitates automated underwriting, risk-based
pricing and rate locks of home loans - through all
of its business channels, IndyMac Bank has established
itself as a leader in the industry. IndyMac Bank
is currently ranked as the number one overall online
mortgage lender by Gomez, a position it has held
for six measurement periods since 2000. IndyMac
Bank is the largest savings & loan (S&L)
headquartered in Los Angeles, and is the 18th largest
S&L nationwide. For more information, please
visit IndyMac on the Web at www.indymacbank.com
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