The SAFE Act was signed into law in July of 2008 as part of the Housing and Economic Recovery Act with a primary goal of consumer protection and reducing mortgage fraud. Unfortunately, due to the minutia of each state's interpretation of the SAFE Act requirements, the message of consumer protection can be lost. As a reminder, the primary objective of the Act is to provide consumers with a clear method of validating the company they trust to originate and fund their mortgage loans.

So, how does the SAFE Act provide consumer protection? This occurs in a variety of ways. First and foremost, there are specific requirements that a mortgage loan broker, lender, or servicer must meet. There are security measures in place through credit and background checks. In addition, the Act requires licensees to participate in pre-licensure and continuing education courses along with professional expertise in the industry, record retention requirements, with each state managing their unique licensing requirements. Still, these are examples of the steps an industry professional must take in order to obtain a license. The consumer advocacy piece comes into play via the requirement for all licensees to register with the Nationwide Mortgage Licensing System and Registry (NMLS).

What does the Final Ruling from HUD mean? On June 29, 2011 HUD issued the Final Ruling on the SAFE Act (See "Attachments" for a full copy). The Final Ruling clarified key components of the Act, including the licensing requirements for Independent Contractors, Loan Processors, and Underwriters, supervisory components, and key terms and definitions found within the Act. The document includes summary commentary in response to industry feedback, and identified distinctions on the authority of HUD and the Consumer Finance Protection Bureau (CFPB). For the purposes of this position statement, we will focus primarily on the sections dealing with the role of loan processors, underwriters, and independent contractors found in Section M (pg. 83-88) and Appendix C (pg. 147-149).

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Indecomm Global Services (“Indecomm”) has been rated the Top Specialist Product Engineering provider in a survey conducted by Global Services in association with Neo Advisory. This annual report serves as a benchmark for identifying new leaders with the potential to make a change through innovative delivery in the global services space. The 2011 GS100 list represents companies that serve mature international customers through advanced global delivery models, which have a broad portfolio of service offerings or niche leadership, and have demonstrated business excellence.

“We are honored to once again be named as one of the Global Services 100 and to be ranked among the top Outsourced Product Development Vendors,” said Naresh Ponnapa, President& CEO of Indecomm Global Services. “These rankings reflect our commitment to building enterprise partnerships with leading companies worldwide, and mirror our drive to promote sustainable performance improvements through leveraging our investments in platform-based outsourced services.”

Indecomm has experience with all deployment models, including On-Premise and On-Demand services. It has set up and runs dedicated Collaborative Product Development Labs for marquee clients such as Accelrys, Google, Twinspires, Blackboard, Lifelock, Microsoft, IBM, etc. Indecomm has helped many software firms with SAAS enablement, including multi-tenancy models, cloud computing, data protection, integration patterns, data analytics, privacy, and security.

Indecomm’s technology platforms are an integral part of its delivery model and have fundamentally changed the way our clients manage their businesses. Clients are able to augment their service portfolios, using Indecomm’s technology platforms, helping them to achieve scalability and discover hitherto unexplored revenue streams. Amongst others, our platforms include ViewPoint©, InteleDocDirect©, Taxplorer©, eTitleExpress©, iMortgageMentor©, YellowPlatter©, WoW©, PayLocPro©, DynamicDocs©, Fee Calculator©, Track Central©, Chartmover© and KrishiDvar©; all extensively and successfully used by our customers worldwide.

ABOUT INDECOMM GLOBAL SERVICES:

Indecomm Global Services (Indecomm Corporation) is a leading Consulting, Outsourcing, Learning, and Technology Services Company, with three principal divisions: Technology Services, Financial Services, and Learning Services. Indecomm’s seamless onshore-offshore technology-enabled operations are the central point of its global delivery model, offering clients both scalability and cost reduction advantages. Expertise in imaging and workflow technologies and extensive knowledge of processes and domains has enabled Indecomm to produce significant, measurable business gains for its clients. It has been featured in Red Herring's list of the top 100 private companies in the world, ranked among the top five emerging services companies by The Indus Entrepreneurs, featured in Fortune Magazine’s “The Global Outsourcing 100,” listed among the top 100 Global IT and BPO service providers by Global Services and neoIT, and has been recognized for management excellence and its outstanding contribution to industrial development in India.

Indecomm is funded by leading global venture capital funds, including Sequoia Capital, Tiger Global Management Private Equity, and the International Finance Corporation (member of the World Bank Group). The company is headquartered in Bangalore, India, with delivery centers and offices in New York, Iselin (New Jersey), Minneapolis (Minnesota), McLean (Virginia), Denver (Colorado), Scottsdale (Arizona) in the United States, Singapore, Malaysia, Thailand, Philippines, UK, Australia, and Bangalore, Gurgaon, Mysore, Pune, Salem, and Tumkur in India. For more information,
visit www.indecomm.net

Mortgage Delivery Specialists LLC (MDS), the premier provider of Fannie Mae, Freddie Mac and Ginnie Mae Mortgage Delivery Services, and Mortgage Servicing Rights (MSR) Acquisition Due Diligence Analysis Services, and Indecomm-Mortgage Dynamics Inc. (IMDI), an Indecomm Global Services (IGS) Company and one of America's leading mortgage banking management consulting and outsource services firms, announced today that they have formed a strategic alliance. IMDI will immediately begin incorporating the use of MDS' mortgage servicing analysis product into its comprehensive suite of mortgage servicing solutions.

"This alliance has been many years in the making," said MDS principal Kent Loehrke. "The MDS team has worked with IMDI personnel on a variety of projects over the years and the relationship has continued to grow through Indecomm's purchase of IMDI."

MDS' mortgage servicing analysis product evaluates mortgage data points for errors, inconsistencies, and other identifiers that may signal data and/or process issues. It allows a due diligence team to focus on the most critical areas of a loan portfolio, servicing portfolio, and operational review. "We have seen many new, non-traditional buyers of mortgage servicing rights entering the market recently that do not have the necessary in-house expertise to conduct a full-scale servicing operational due diligence review when purchasing bulk mortgage servicing rights (MSRs). We feel the alliance addresses this need," said Loehrke.

IMDI conducts a variety of lender reviews, including assessing mortgage servicing operations, to determine whether the servicer meets industry standards in protecting the value of the loans. Its servicing operation due diligence review covers all functional areas of the servicing operation, including customer service, payoffs and assumptions, cashiering, investor reporting, default administration, servicing sales and transfers, and escrow areas (mortgage insurance, hazard, and optional insurance and taxes).

"Utilizing MDS's analysis product, we are able to strengthen our ability to perform our servicing operation reviews and identify potential problem loans requiring correction or special servicing requirements within a client's organization," said Jan Ulsch, Senior Vice-President of Indecomm - Mortgage Dynamics, Indecomm Global Services. "Mortgage portfolio data is analyzed with the MDS product, providing us with summary and loan-level reports that help us to perform file selections and identify potential problem areas before conducting any on-site due diligence work."

Added Loehrke, "Together, we offer the best team of servicing operations review experts equipped with the best analysis tools for identifying data and process issues — a true value-added proposition for mortgage servicers seeking to improve their operations or for clients acquiring mortgage loans, mortgage servicing rights, or whole operations. We are very excited to be working together."

About Mortgage Delivery Specialists (MDS)

Mortgage Delivery Specialists LLC (MDS) was formed from a select group of industry professionals specializing in mortgage loan analysis and Agency securitization delivery services. Team leaders have over 70 years of combined experience in assisting mortgage lenders with their mortgage loan delivery and servicing analysis needs. The entire MDS team previously worked together at Mortgage Data Management Corporation (MDMC) until MDS was formed in January of 2010.

About Indecomm-Mortgage Dynamics Inc. (IMDI)

Indecomm-Mortgage Dynamics Inc. (IMDI) has been providing consulting services to the mortgage industry since 1987. Its full line of services include business planning, litigation support, merger & acquisition services, process reengineering, and outsourcing solutions

Indecomm Global Services has been declared topper in Red Herring’s list of the top 100 private companies in Asia. Red Herring winners are the top private companies selected by the media company’s editorial team after a thorough analysis of their business models, size, profitability, and technology. Red Herring shortlists the premier companies throughout Asia, and the listing is yet another instance of Indecomm being recognized for its leadership and the enduring value it has delivered to its clients.

Indecomm Global Services was named in the list of top 100 Global IT and BPO service providers. The Global Services 100 list, brought out by Global Services and neoIT is a highly credible listing of global IT services and BPO companies. The list represents companies who have the maturity and capability to lead the next wave of services globalization.

About Global Services

Global Services is a media platform with a portfolio that includes a magazine, website, events, newsletter, and customized solutions. Our audience consists of corporate professionals engaged in the sourcing and management of business and technology services. Global Services is owned by CyberMedia (India) Limited www.globalservicesmedia.com

About neoIT

Global Services is a media platform with a portfolio that includes a magazine, website, events, newsletter and customized solutions. Our audience consists of corporate professionals engaged in the sourcing and management of business and technology services. Global Services is owned by CyberMedia (India) Limited www.neoIT.com

Indecomm Global Services has been featured in Red Herring’s list of the top 200 private companies globally. Red Herring finalists are the top private companies selected by the media company’s editorial team after a thorough analysis of their business models, size, profitability, and technology. Red Herring shortlists the premier companies throughout Asia, and the listing is yet another instance of Indecomm being recognized for its leadership and the enduring value it has delivered to its clients.

“With IBM software, we’re in the process of establishing a flexible, highly integrated IT platform that will not only streamline internal operations, but will also help us expand our offerings to better serve our customers.” —Krish Hari Anand, CTO, Indecomm Global Services

Working with IBM, Indecomm is in the process of implementing an automated process runtime engine through which it can map, choreograph, and deploy all of its internal business processes with the necessary process workflows. To model its new business processes, Indecomm is deploying IBM WebSphere® Business Modeler software. The software exports data via Business Process Execution Language (BPEL) to IBM WebSphere Integration Developer software, which develops the process code and required Web services. Indecomm developers then use IBM Rational® Application Developer for WebSphere Software to add Java™ 2 Enterprise Edition (J2EE) coding to the process code and Web services. Indecomm leverages several other IBM software tools throughout the development process.

To store the documents, images, and files critical to the new solution, Indecomm is also implementing IBM DB2® Content Manager for Windows® software.

Benefits

• Helps to shorten the client’s application development cycle
• Provides enhanced integration capabilities through the use of open standards
• Helps to boost market share by enabling Indecomm to target larger customers

Indecomm is proud to welcome Cathleen Raffaeli, President and Chief Executive Officer of Cardean Learning Group (CLG), to its Board of Directors. Apart from being the President and Chief Executive Officer of Cardean Learning Group (CLG), Cathleen is also the President of Cardean University, a leading internet-based adult education university. Cathleen has been employed at the highest levels at some of the world’s largest financial services institutions, including Citi Corp, Chemical Bank, Merrill Lynch, Emery Worldwide, and the Continental Group. With over 26 years of experience in the financial services industry, Cathleen’s experience spans every facet of the financial services space, including financial services products, outsourcing solutions, enterprise software, technology, and eLearning solutions.

Her key areas of focus include business development, sales and marketing, strategy, and asset redeployment. Cathleen is currently a Director of the E*Trade Group the American Home Mortgage Investment Corporation. She is also on the board of the JHPIEGO, an affiliate of Johns Hopkins University, a global not-for-profit organization dedicated to improving the health of women and families. Cathleen holds an MBA degree from New York University, where she graduated with honors.

Indecomm Global Services is proud to welcome on board Maria Elena Amirault as its Head of Operations, United States. With over two decades of experience across the Financial Services industry and customer-oriented enterprises, Maria has worked with some of the leading financial services institutions in the country, including Bank of America, Fortune Bank, and Florida National Bank.

Prior to joining Indecomm, Maria was a Senior Manager reporting directly to the CEO at Central Florida Euro Cars, a leading car dealership working with some of the most reputed automotive brands. At Central Florida Euro Cars, Maria anchored end-to-end responsibilities from management of relationships at the factory level to the actual management of the entire business. Maria graduated from the University del Valle, Columbia, in 1982.

Vidya Ravikumar, previously the National Collections Head for Standard Chartered Bank, has joined Indecomm Global Services as its head of operations. A post-graduate in Management with close to two decades of experience in the financial services industry, Vidya’s career spans assignments with companies such as Citibank, GE Capital, ICICI Bank, Intelenet Global Services, and Standard Chartered. Prior to her stint with Standard Chartered Bank, Vidya was the site leader & operations Head for Intelenet Global Services, a leading BPO company in India.

Indecomm is proud to announce the appointment of John R. Torell III as Chairman of its board of directors. John is a Partner of Core Capital Group, a private equity investment firm. He has been chairman or president of a number of major American banking institutions and has participated in virtually all phases of the financial services industry. John is the former President of Manufacturers Hanover Corporation and Manufacturers Hanover Trust Company, and the former Chairman, President, and CEO of CalFed Inc. He was also the Chairman and CEO of Fortune Bancorp, Tampa, as well as the Chairman of Telesphere, Inc.

John is currently a Director of Wyeth and a number of private companies. He previously served as a Trustee of Columbia University's Graduate School of Business as well as a Director of the Juilliard Foundation, the Financial Services Corporation of New York, the New York State Banker's Association, and the New York State Banking Board. He is also the Chairman of the International Executive Services Corps, a non-profit organization providing executive volunteers to developing countries and emerging democracies. He graduated from Princeton University with a B.A. in Economics and studied at New York University's Graduate School of Business and the Graduate School of Credit and Financial Management at Dartmouth.

Indecomm Global Services has opened its third facility in Bangalore. The additional facility is part of a major expansion in response to the increasing traction we have been witnessing in the market. Apart from its new facility in Bangalore, Indecomm has also gone in for a major expansion of its facility in Mysore. Indecomm today operates four separate facilities in Bangalore and Mysore. The new facilities will provide additional capacity for Indecomm, apart from providing business continuity to all its client engagements.

Indecomm Global Services has been featured in Red Herring’s list of the top 200 private companies in Asia. Red Herring finalists are the top private companies selected by the media company’s editorial team after a thorough analysis of their business models, size, profitability and technology. Indecomm was shortlisted from over 500 premier companies throughout Asia, and is one of only three BPO vendors chosen by Red Herring in the list of finalists; the listing is yet another instance of Indecomm being recognized for its leadership and the enduring value it has delivered to its clients.

Indecomm Global Services opened a new delivery centre at Mysore in March. The new state of the art Mysore facility will provide specialized IT-enabled support services for Indecomm's clients in transaction processing and high-end financial services, while ensuring business continuity for Indecomm's multiple locations in Bangalore. Indecomm proposes to hire over 500 people over the next few months for its Mysore operations.

Roger S. Leeds is a professor and director of the Center for International Business and Public Policy at the Johns Hopkins University, School of Advanced International Studies.

This book is designed to enhance understanding about the practical issues that investors, entrepreneurs, and policy makers, as well as students of international development, must contend with in order to improve small business access to investment capital in developing countries. The volume contains a number of case studies that describe and analyze a number of actual small business investments in order to highlight the special risks, challenges, pitfalls, and commitments that are found in most developing country investment environments. The diversity of the cases, covering a range of countries and sectors, highlight the gamut of skills and issues that must be mastered to succeed in financing small businesses in developing nations.

Indecomm Global Services, has been The 2010 GS100 list represents companies that serve mature global customers through advanced global delivery models, have broad portfolio of service offerings or niche leadership, and have demonstrated business excellence. The 5th Annual GS100 study was conducted by Global Services in association with NeoAdvisory, the globalization and sourcing advisory firm.