Acquisition Makes NAD a More Full Spectrum Lender

National Asset Direct Inc., San Diego, has acquired United Residential Lending LLC, Scottsdale, Ariz., a Federal Housing Administration, agency and jumbo lender that does business in 18 states. Terms of the deal were not announced. NAD is a service provider to purchasers of performing and distressed residential mortgage loans and assets; among its subsidiaries are iServe Servicing Inc., iServe Real Estate Operations Inc. and iServe Mortgage Co. Inc. United Residential is being renamed iServe Residential Lending LLC, with its co-founder and chief executive Gary Willis remaining onboard as chief operating officer and co-founder Doug Wilson remaining as chief financial officer. A spokeswoman for NAD said United Residential is being integrated as a separate unit to maintain the FHA approvals and state licenses that it holds. Company executives at NAD said the deal takes it from its roots focused on loss mitigation and asset disposition strategies to being able to offer a full spectrum of lending, refinancing, servicing and real estate disposition services.