HOUSTON (June 8, 2004) - Stewart Mortgage Information (SMI) has formed Stewart Default Solutions Inc. (SDS) to offer a full array of default managements and technology solutions supporting the mortgage and consumer services industry.
C. Alan Paylor, who recently joined SMI, will serve as executive vice president and chief operating officer of the new company.
"Stewart Mortgage Information is a 10-year veteran providing outsource solutions for mortgage lenders from origination through post-closing to servicing," said Don O'Neill, chief executive officer, Stewart Mortgage Information. "We are expanding our product lines into default servicing with an emphasis on improving workflow and delivery."
The most recent national Delinquency Survey released by the Mortgage Bankers Association in March, showed that 1.29 percent of one-to-four-unit residential properties at the end of fourth quarter 2003 were in foreclosure. That number is five basis points higher than the third quarter rate of 1.24 percent. Industry experts, as well as consumer publications such as CNN/Money, have reported the number of foreclosed homes has grown in many parts of the country in recent years because of unemployment and less stringent mortgage lending practices.
"We are excited about bringing a third option to this market space," said Paylor. "Our initial focus will be on changing the workflow process in our default management and solution offerings. That change - coupled with the new technology we will introduce - will improve not only our productivity, but also that of the clients, investors and attorneys handling the loans in default.
"We will expand those businesses that are default-related in both the mortgage and consumer market space," added Paylor. "This will add a countercyclical mix to Stewart's array of products and services."
About Stewart Mortgage Information
Stewart Mortgage Information (http://smi.stewart.com) is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). Incorporated in 1994, SMI is a leading provider of mortgage information and services that accelerate loan origination and improve the performance of the post-closing function. SMI offers its services to lenders based on the life cycle of the loan process - from origination through post-closing to servicing.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,500 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.