Servicing Platform Expanded to Cover 39 States

The California Department of Real Estate has granted a license to originate and service first mortgage loans to iServe Servicing Inc., a wholly owned subsidiary of National Asset Direct, a purchaser of distressed residential assets and loans. With this approval, iServe is now qualified to service first mortgage loans in 29 states, including Florida, Illinois and Texas, and exempt from qualification in 10 additional states, qualifying iServe to service first mortgage loans in a total of 39 states. iServe's "high-touch" servicing system is designed to correctly diagnose a borrower's unique conditions, match creative solutions to meet the best interests of the borrower, and encourage resolutions that provide immediate relief, near-term stabilization, and promote long-term viability of retaining homeownership. Louis Amaya, chief investment officer and chief operating officer of NAD, said, "We are particularly pleased to be able to offer our solutions to borrowers in California, which continues to represent a disproportionate share of the foreclosure starts in the country. In an environment where third-party servicers have been inundated with a growing number of nonperforming mortgages, being able to service our portfolio of loans provides NAD with a critical competitive advantage."