Stewart® forms multi-state trustee company to address foreclosure needs
Stewart Default Services will serve major markets in the western United States with foreclosure services
HOUSTON (Jun. 26, 2008) – Today, in a move to address the rapidly rising number of foreclosure filings in the western United States, Stewart announced the formation of Stewart Default Services (SDS). Effective July 1st, 2008, SDS will begin providing residential, commercial and homeowners' association foreclosure services to banks, mortgage and loan servicing companies, credit unions, government agencies, private investors and others in California, Nevada and Arizona. In addition, SDS will extend foreclosure services to other parts of the country through its comprehensive attorney network.
SDS will leverage the vast resources and knowledge of Stewart Title Guaranty Company by offering a robust set of services including loss mitigation, foreclosure processing, title and escrow services, online access to title products, bankruptcy / eviction referral and monitoring, vacant property insurance, as well as post-sale conveyance.
"At Stewart, we're committed to providing the highest level of service excellence available in the industry", said Al Wasserman, Region E Manager and Western States Manager for Stewart Title. "Our colleagues and partners demand professional representation and rigorous attention to detail throughout the foreclosure process. The experienced team at SDS understands that time equals money and ensures that every transaction complies with civil codes governing foreclosure while at the same time meeting stringent compliance timeframes."
Leading the SDS team will be Susan Harris, Vice President and Marketing Manager for SDS and Beverly Huber, SDS Foreclosure Manager. Together, Harris and Huber bring more than 50 years of experience in mortgage servicing, default mortgage processing and foreclosure trustee services.
With more than 100 years of experience in real estate information, title and escrow services, Stewart is uniquely suited to deliver the high level of service required to handle the often complicated process of foreclosure. Lending communities have been hit especially hard by foreclosures resulting in a record rise in the demand for default servicing. As a result, foreclosure and default service providers are backlogged creating costly processing delays, penalties and substandard service levels.
"For our clients, we understand that the right trustee is critical to a successful foreclosure in terms of time, costs and results", notes Susan Harris. "We set the standard for the industry with employees who have the knowledge, experience and commitment to provide highly responsive and personal service."
Stewart Default Services and Stewart Title Guaranty Co. are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.