APC to Buy Mortgage Default Processor

American Processing Co., Minneapolis, has agreed to purchase National Default Exchange, a provider of mortgage default processing services based in Addison, Texas, according to Dolan Media Co., which owns a majority of APC's stock. The terms of the agreement were not disclosed. Dolan said NDEx provides default processing services in Texas, California, and Georgia, three of the top 10 states in default-related activity, while APC offers similar services in Michigan, Indiana, and Minnesota. The closing of the acquisition is contingent upon several factors, including NDEx's entry into a long-term exclusive services agreement with Barrett Daffin Frappier Turner & Engel LLP, a Texas law firm. James P. Dolan, president and chief executive officer of Dolan Media, said the acquisition "will broaden our new market focus beyond acquisitions by providing us with the resources and knowledge to launch operations in new states." Dolan can be found on the Web at http://www.dolanmedia.com.