National Asset Direct Acquires Lender

Posted by Orb Staff on June 09, 2009 No Comments
Categories : Mortgage Servicing

al Asset Direct Inc. (NAD), a company providing loss mitigation and asset disposition services to owners of performing and nonperforming loans and assets, has expanded into mortgage origination with the acquisition of United Residential Lending LLC (URL). URL, a mortgage banker offering FHA, agency and jumbo loan programs in 18 states, will be renamed iServe Residential Lending LLC and will join NAD's other similarly branded affiliates: iServe Servicing Inc., iServe Real Estate Operations Inc. and iServe Mortgage Co. Inc. NAD Mortgage Holding LLC and iServe Mortgage are the formal purchasers in the transaction, the terms of which were not disclosed. URL co-founder and CEO Gary Willis will serve as chief operating officer of iServe Residential Lending, and co-founder Doug Wilson will continue to serve as the company's chief financial officer. "United Residential Lending, which has multiple retail branch partners, strong warehouse lending and take-out lending relationships, and a broad geographic footprint, is the ideal addition to our suite of integrated iServe affiliates," says Jeffrey Kaplan, president and CEO of NAD. By acquiring URL, NAD is becoming a "one-stop shop," adds NAD's chief investment officer and chief operating officer, Louis Amaya. "With this transaction, we can offer our clients the convenience of working with a single, integrated team that can deliver the full spectrum of lending, refinancing, servicing and real estate disposition services in order to accelerate velocity and liquidity to our client's balance sheets," Amaya comments. SOUR

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