DJSP Names President, COO

July 15, 2010

DJSP Enterprises Inc., a provider of processing services for the mortgage and real estate industries in the United States, announced that Richard D. Powers has accepted the position of president and chief operating officer (COO), effective July 12.

As president and COO of DJSP Enterprises, Powers will be responsible for the day-to-day operations, improving and expanding existing business lines, and implementing the company's cyclical strategy to provide services to the mortgage industry for the life of the loan.

Earlier this year, DJSP acquired national title insurance and settlement services company Timios Inc. for $1.5 million. Timios is a licensed title insurance and escrow agent currently operating in 38 states.

Powers adds more than 25 years of mortgage banking and financial services experience to the DJSP management team. Prior to joining DJSP, Powers served as the head of Real Estate Services for Altisource Portfolio Solutions. In this capacity he oversaw a variety of business units primarily focused on the default management space including an appraisal management company, a real estate brokerage unit, a field services company and the creation of a proprietary REO internet auction platform. Powers previously served as General Manager of Ditech and GMAC Mortgage Direct/GMAC ResCap, overseeing marketing, sales, finance, operations and strategic planning functions. Under Powers' leadership, Ditech enjoyed a rapid return to profitability, enhanced marketing efficiency and a complete revamping of the brand's image. In addition, in June of 2007 he also assumed responsibilities for GMAC Mortgage's direct lending unit in Cherry Hill, N.J. Prior to joining GMAC/ResCap, Powers worked at Metrocities Mortgage Corp. as president of the company's Western division, managing loan production and operations. He was also an executive member of its board of directors.

Prior to his role at Metrocities, Powers was president of KB Home Mortgage, where he managed the company's captive mortgage business, insurance and consumer direct subsidiary. Previously, he served as president and chief executive officer of Charter One Mortgage Corporation for seven years, helping establish it among the top 20 largest retail loan originators in the nation, and was senior vice president of Great Western Mortgage Corp., responsible for production and operations in three regions.

Powers earned a Bachelor of Arts degree from Excelsior College and an MBA from the University of Chicago's Booth School of Business.

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