C-BASS Joins ALLTEL's Default Services Network As Provider Of Special Servicing

Business Wire, Oct 27, 1998

NEW YORK--(BUSINESS WIRE)--October 27, 1998--C-BASS, a recognized leader in loss mitigation solutions, today announced that it has joined the ALLTEL Default Services Network. Alltel's Default Services Network will allow its CPI clients, through a bi-directional data link, to interface seamlessly with third party specialists, including loss mitigation firms, foreclosure attorneys, title companies and other vendors. C-BASS will be providing their expertise in the servicing of delinquent loans (special servicing) to CPI clients through the Network. This integration will not only eliminate the need to transfer servicing, but also enable CPI users the ability to continue to service all other aspects of the loan. Additionally, the Network interface to C-BASS's systems will enable CPI users to fully monitor the loan's delinquency and loss mitigation status. C-BASS joins the Default Services Network as one of only two providers of delinquent loan special servicing.

Commenting on the Network participation, Bruce Williams, Chief Executive Officer of C-BASS said, "We are delighted to enter into this agreement with ALLTEL. As a premier provider of servicing and communication systems, ALLTEL has established solid relationships with many of the dominant mortgage originators and servicers within the industry. The addition of our specialty servicing expertise will provide these lenders the ability to maximize profitability through alternative resolutions to foreclosure." ALLTEL is the leader in the mortgage loan automation industry and the largest U.S. provider of software and processing services to residential mortgage loan firms.

C-BASS is a New York based company specializing in the servicing and purchasing of delinquent and defaulted residential mortgages. Through its servicing operation, Litton Loan Servicing, C-BASS is an approved special servicer by Standard & Poor's. "A key factor to our success has been the development of our proprietary loss mitigation platform, RADAR." said Jeff Toll, Senior Managing Director of C-BASS. "RADAR includes automated foreclosure, bankruptcy, and loss mitigation processes, together with an integrated information management process, to supply Litton specialists with real time data. Additionally, RADAR also provides cash flow analysis and net present values to provide Litton's loss mitigation team with the optimal course of action based on continuously updated timeline, borrower, and property information. With this powerful technology and its experienced personnel, Litton has been able to maintain one of the best re-performance rates in the industry." he added.

C-BASS is a limited liability corporation capitalized by MGIC Investment Corporation (NYSE-MTG), Enhance Financial Services Group Inc. (NYSE-EFS), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, Wis., is the parent of Mortgage Guaranty Insurance Corporation (MGIC), the nation's leading provider of private mortgage insurance. Enhance Financial Services Group Inc. provides a broad range of products and services utilizing its credit-related analytic skills.