Stewart Launches Default Tools

Stewart Mortgage Information, a Houston-based wholly owned subsidiary of Stewart Information Services Corp., has announced the formation of Stewart Default Solutions Inc. to offer default management and technology systems for the mortgage and consumer services industry.C. Alan Paylor, who recently joined SMI, will serve as chief operating officer of the new company. The company cited the most recent Mortgage Bankers Association delinquency survey as showing that 1.29% of one- to four-unit residential properties at the end of the fourth quarter of 2003 were in foreclosure, a 5-basis-point jump from the third-quarter rate of 1.24%. The company said it will change its default workflow processes and add new technology. SMI can be found online at http://smi.stewart.com.