EXL Service awarded 3 year-BPO contract from US based IndyMac Bank®

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.

New Delhi (PRWEB) August 7, 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 Banks 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 EXLs 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 Banks 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 Banks successful long- term growth strategies and enhance the scalability of its already low-cost infrastructure."

Rohit Kapoor, President and CFO commented from EXLs headquarters in New York: We are extremely happy with IndyMac Banks decision to award this contract to us. This testifies to EXLs 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."

About EXL Service

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 centre 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. Please visit www.exlservice.com for more details.

About IndyMac

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-MITSÒ 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