Countrywide Mortgage Adjustment Getting Outsourced To India

An excellent NYT article alludes to Countrywide Mortgage’s AOL-esque culture of phone reps only concerned about boosting their personal stats, regardless of the ruin it would spell for its customers.

But don’t worry, Countrywide is hiring more reps to help save homeowners from getting foreclosed…

At an investor conference on Sept. 18, Angelo R. Mozilo, Countrywide’s chief executive, said the company would be hiring more staff members to do home-retention and loss-mitigation work. Those employees, however, will be based in India.

If Dell’s not hiring, just go down a floor.

Can These Mortgages Be Saved? [NYT]
(Photo: Meghann Marco)

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  1. phrygian says:

    I work down the street of the Countrywide HQ. I’m not surprised by their decision. All the CEOs around here seem to get together and dare each other to outsource jobs. “I bet you can’t outsource that division and still meet your targets!” “Oh yeah? I’ll take that dare!”

  2. CumaeanSibyl says:

    I can’t see anything possibly going wrong with this.

  3. rhombopteryx says:

    Awesome. The experts say the only way to prevent this mortgage meltdown from becoming an implosion/recession is to quickly and acurately identify and separate the non-performing/never-had-a-chance-of-paying-on-my-McDonalds-salary-but-got-a-liar-loan-anyway loans from the merely at-risk-but-will-benefit-from-adjustment loans, and separate those from the well-performing loans. In Bangalore or Houston, I’m glad to see that nothing but the most skilled financial professionals will be doing this job, and they aren’t resorting to call-center-dropouts.

  4. warf0x0r says:

    Whew, well that takes care of that.

  5. Parting says:

    I hate talking to Indian-based reps. Their accent is horrible and I never quite understood what they are trying to tell me.

    I’m happy I speak French, too. Here in Canada, at least French-speaking call centers are local. Hopefully, compagnies won’t transfer them ,too.

    Outsourcing to a different country, where the accent is VERY different is very POOR customer service.

    (Oh, and I had to call 3 times Amex to close my credit card. None of the Indian reps helped me. They sent me TWICE a NEW credit card, instead of closing mine).

  6. Parting says:

    Imagine dealing a foreclosure with an outsourced rep. When he misunderstands you, and does the wrong thing, will company be held responsible?

    Lets all RECORD our calls! ;)

  7. Parting says:

    And then sue, and get money for our foreclosed mortage!

  8. Keter says:

    Ok, this is a little off-topic, but my mortgage was bought from the originating local bank by Countrywide, and in six years I haven’t had any trouble with them, but if they sell to BofA, I’m sure that will change…BofA has screwed everybody I know and I don’t want to do business with them.

    Is there any way to be sure the originator of a loan CANNOT sell it? If the BofA acquisition goes through I would be interested in refinancing (probably with my credit union) if I could be sure that the originator could not sell the paper without my express consent, and that this limitation would similarly apply to any subsequent owners of the loan (so I could always control to whom the note might belong). I want that in the contract, not just their word on it, even if it is their reputation to hold all their own paper. Would any lender go for that? Is there a technical term for this limitation?

  9. dirk1965 says:

    Keter… I contracted to Countrywide for 3 years. While working there, I really learned a lot about the mortgaging business. There is nothing you can do about your loan being sold off. The originator can do anything they want even without getting the consent of the home owner. My home loan has been sold off three times since I purchased it 8 years ago.

    As for off-shoring, Countrywide does it more than any other company I’ve contracted to. Around 75% of the people I worked with were Indian. Unfortunately, companies like Countrywide haven’t realized yet that its actually costing them more in the long run by off-shoring. These companies will never understand because the upper management never hears what goes on down in the trenches where the real work is done.

  10. MENDOZA!!!!! says:

    I stopped reading this post after “excellent NYT article”