National Asset Direct (NAD), a purchaser of distressed residential assets and loans, has completed the purchase of a portfolio of approximately $34 million of seasoned subperforming and nonperforming first-lien residential mortgages from an undisclosed top-tier bank. NAD intends to service approximately 65% of this newly acquired portfolio through iServe, its wholly owned servicing subsidiary.
NAD adds that it has launched a proprietary deal management system (DMS) in May 2008. The DMS, which was created by an internal development team, assists NAD in managing deal bidding through acquisition and servicing transfer. The characteristics of specific portfolios can be imported to the system, which works together with NAD's data warehouse to capture data from the servicing platform and enables NAD to evaluate and analyze prospective portfolios and judge their risk profile.
Future enhancements will include servicing reporting, due-diligence management, tracking and reporting, and Web service integration with third-party service providers.
Source: National Asset Direct
