Stewart Adds Default Services

Stewart Mortgage Information has formed Stewart Default Solutions to offer default management and technology services supporting the mortgage industry.

SMI said that C. Alan Paylor, who recently joined SMI, will serve as executive vice president and chief operating officer of the new company.

Don O'Neill, CEO of SMI, said in a news release that the company has 10 years of experience providing outsourcing from the point of mortgage origination through closing and servicing.

"We are expanding our product lines into default servicing with an emphasis on improving workflow and delivery."

SMI said that industry data show that foreclosure cases have increased as a result of unemployment and looser underwriting standards in recent years.

Mr. Paylor said the default solutions unit will have an initial focus on changing the workflow process in its default management offerings. That change, combined with new technology, will improve productivity for both SMI and its clients, he said.

"We will expand those businesses that are default-related in both the mortgage and consumer market space," Mr. Paylor said. "This will add a countercyclical mix to Stewart's array of products and services."

Stewart Mortgage Information is a wholly owned subsidiary of Stewart Information Services Corp.

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