HOUSTON, TX (Oct. 3, 2005) - 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."
About MSTD Inc.
A privately held technology provider based in Baltimore, Maryland, MSTD Inc., provides native web solutions for any creditor debtor relationship. Their complete default-servicing platform, BackInTheBlack, manages residential mortgage delinquencies form collections through loss mitigation; Attorney referral; foreclosure and bankruptcy management; REO and claims. BackInTheBlack is the only commercially available system with HUD approval for loss mitigation compliance. For more information go to: http://www.bitb.net/.
SDS is a default solution and information provider serving the loan servicing markets in both the consumer and mortgage industries. It provides default management solutions for lenders and investors in a seamless Web-based environment. Services range from a national attorney network, collections, foreclosure and bankruptcy as well as REO asset management, and include integrated data applications, online workflow and transaction processes. More information is available at http://www.stewartdefaultsolutions.com.
SMI (http://smi.stewart.com), a wholly owned subsidiary of Stewart Information Services Corp., is a leading provider of mortgage information and services that accelerate loan origination and reduce costs of post-closing functions. SMI meets the needs of the real estate industry through the delivery of information services required for settlement using e-commerce, including credit, valuation products, nationwide title and settlement services, flood determinations, electronic mortgage document preparation, background checks, and a variety of post-closing and investor delivery services.
Stewart Information Services Corp. (NYSE-STC) is a technology driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 8,000 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.