First American National Default Outsourcing Launches Outsource-On-Demand

June 18, 2002

DALLAS, /PRNewswire/ -- First American National Default unveiled Outsource-on-Demand, hailed by the company as the nation's first single-source, external bankruptcy/foreclosure solution for mortgage servicers.

Outsource-on-Demand provides a temporary solution for the occasional spikes in foreclosure and bankruptcy referrals. As experts in foreclosure, bankruptcy and other default-related services, First American National Default Outsourcing is well-positioned to provide these services on an as-needed basis.

"Occasionally, servicers find themselves in need of temporary help in the referral of bankruptcy and foreclosure files," said James C. Frappier, president of First American Default Management Solutions. "Until Outsource- on-Demand, servicers typically handled bankruptcy and foreclosure referral backlog by pulling employees from other areas to build internal teams, or by adding inexperienced temporaries and suffering the high cost of missed timeframes. Outsource-on-Demand provides the 'bench' necessary to handle backlogs without overburdening the servicer's staff."

When contacted by a loan servicer, an Outsource-on-Demand manager gathers the information necessary to assess the servicer's unique business situation. Leveraging its expertise in default management, First American then quickly activates a "SWAT" team of experienced professionals who will perform all work at the servicer's site.

Source: The First American Corporation