Minority Bank, Default Services Provider Join Forces

Posted by Orb Staff on April 15, 2009 No Comments
Categories : Mortgage Servicing

National Bank and Canvas Realty Partners LLC have created a strategic joint venture – Unity Financial Services LLC – to provide loss mitigation, loss recovery and valuation services, and real estate owned outsourcing services. Unity Financial is 51% owned by Unity Bank, a Minority Business Enterprise and certified Historically Underutilized Business. Canvas was co-founded by Matt Harris and former Saxon Mortgage Services General Counsel Troy Austin. Harris and Austin will serve as chief operating officer/general counsel and president, respectively. "Considering that the U.S. government is now so intricately involved in the mortgage servicing industry, and considering that [the Troubled Asset Relief Program] and the various bills and programs flowing out of Washington strongly encourage the utilization of minority financial institutions as vendors, it took tremendous forethought on the part of the executive team of Unity Bank to explore this opportunity," explains Austin. The company has entered into a formal relationship with an unnamed title and real estate service provider, as well as a Fannie Mae-designated loss mitigation service provider, he adds. Unity Financial, which is as a government contractor with the centralized contractor registration, is actively seeking contracts with the Federal Deposit Insurance Corp. and will soon be seeking contracts from Fannie Mae and Freddie Mac. "Unity Financial is actively seeking partners who can help the company expand its service offerings," Austin says, adding, "We are open for business and responding to all requests for proposals for recovery and loss mitigation." SOURCE: Unity Financial S

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