Dolan Media Co.'s majority-owned subsidiary NDeX has expanded into Florida by entering into a long-term agreement to provide mortgage default processing services to law firm James E. Albertelli PA.
NDeX has also agreed to acquire certain operating assets the law firm had been using in its default processing and title operations. Ninety-one law firm staff became NDeX employees.
NDeX plans to customize its proprietary case management software and systems to service mortgage default files referred by the Albertelli law firm.
Dolan Media's chair, president and CEO, James P. Dolan, says the acquisition fits well with NDeX's geographic growth strategy and provides a foothold into the growing Florida mortgage default processing market.
"We studied the Florida market for some time before deciding on this entry point," Dolan says. "NDeX already is in other very important default markets, such as California, Michigan and Texas. Florida is a challenging state for our sector, as there's plenty of work to do for law firms and tremendous volume growth."
Law firm founder James E. Albertelli says the new relationship will increase his firm's capacity to grow its service volumes in Florida, which ranked second among the 50 states in the number of mortgage loan foreclosure starts, according to June 2009 data from the Mortgage Bankers Association.
The Albertelli law firm is based in Jacksonville, Fla., and also has operations in Tampa. Following patterns set by earlier NDeX expansions, Albertelli will have dual roles, remaining managing partner of the law firm and also serving as an executive vice president of NDeX.
SOURCE: Dolan Media Co.