Stewart Title Subsidiary Acquires REO and Subservicing Company
|July 12, 2011|
Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, announced the acquisition of a majority ownership interest in PMH Financial.
PMH Financial, previously majority-owned by Braddock Holdings Co., private equity affiliate of Denver-based Braddock Financial Corp., was founded in 2005, and is a leading, full-service REO outsource and subservicing company.
“This transaction represents a strategic acquisition for Stewart Lender Services,” said Jason Nadeau, president and CEO of Stewart Lender Services. “PMH will provide a great deal of synergy with a number of Stewart clients and services. PMH’s senior leadership team has some of the leading REO and servicing executives in our industry. We are very excited to have them join our team.”
PMH provides REO services, short sale management, collateral valuation, subservicing, loan review and due diligence services to national and regional lenders. With a staff of more than 100 professionals in six states, PMH manages an active inventory of approximately $2.5 billion in real estate assets on behalf of financial institutions, loan servicers and hedge fund investors.
“This is an excellent move for our clients and helps to position our company for continued growth,” said Ken Blevins, president and CEO of PMH Financial. “Stewart is a market leader in providing a comprehensive set of default and mortgage origination services. By joining Stewart Lender Services, we can deliver greater value to our clients while offering them an expanded line of related products and services.”