National Asset Direct Picks Up $34 Million Distressed Mortgage Portfolio

National Asset Direct Inc., a purchaser of distressed residential assets and loans, said Wednesday afternoon that it had completed the purchase of a portfolio of approximately $34 million of seasoned sub-performing and non-performing first lien residential mortgages from an undisclosed top-tier bank.

The company intends to service approximately 65 percent of this newly acquired portfolio through iServe, its wholly owned servicing subsidiary, it said in a press statement; officials did not specify where the remaining loans would be placed.

The company also said that it had launched a proprietary system for analyzing and managing potential portfolios, called the Deal Management System.

Key characteristics of specific portfolios can be imported to the in-house system, which works together with NAD’s own 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, the company said.

(For those familiar with the former C-BASS, the DMS platform sounds much like the old rADAr platform that once wrapped around LSMAS, Litton Loan Servicing’s proprietary servicing platform.)

“As we continue to expand our investment in the distressed debt market, we remain intensely focused on understanding and modeling clear risk profiles for the pools of assets we purchase,” said NAD COO and investment chief Louis Amaya.

“By creating unique, customized data and portfolio management systems to complement our high-touch servicing platform, we are using best-in-class technology to help us manage the deal bidding process and execute optimal solutions that extract the maximum upside from our portfolio.”

Since its inception in October 2006, NAD has purchased over $250 million of principal amount of whole loans.

For more information, visit http://www.nationalassetdirect.com.