Stewart Default Solutions and MSTD - 'Back in the Black' on Default Servicing
|October 3, 2005|
HOUSTON, -- Stewart Default Solutions (SDS) has entered into a strategic relationship, license and reseller agreement with MSTD Inc., creators of the Web-based default servicing platform, BackInTheBlack®, (BITB). As part of this agreement, BITB will provide support and services to SDS' current and future users.
SDS is a wholly owned subsidiary of Stewart Mortgage Information (SMI), a leading provider of mortgage information and services.
"By partnering with BITB, we are able to offer a seamless, browser-based default technology to meet customers' unique requirements," said C. Alan Paylor, SDS president. "This relationship continues the SDS vision of offering a customer relationship management (CRM) solution in default.
"BITB embodies a loss mitigation strategy and also allows SDS to leverage the scalability of the system from collection through REO," added Paylor. "The company's strong track record of delivering proven, leading-edge solutions to highly satisfied customers made it a clear choice for SDS. We are pleased to join forces with BITB to bring the mortgage servicing industry a new approach to problem loan resolution."
BITB Chief Executive Officer Hans Rusli said, "The combination of our platform with the long-range capabilities and financial stability of Stewart allows BITB to continue to offer best-in-class mortgage and consumer technologies, while offering a comprehensive Web-based default management solution to the servicing industry. It's comprehensive, in that all services are fully integrated and not burdened by legacy systems. When you add the footprint of Stewart, the planned integration and reporting capabilities to the SDS national attorney network, we will bring value to all the participants."
"Our default operation is an important part of our strategy of being a full-service resource to our lender customers and adding countercyclical revenues to our operations," said Don O'Neill, SMI chief executive officer. "By expanding our services in this area, we are better positioned to meet our customers' needs -- in addition to giving us the opportunity to cross-sell other default, mortgage and property information, and title-related products and services."
Source: Stewart Default Solutions