Vantium Capital forms new division to handle jump in short sales
Capital recovery firm Vantium Capital said the significant jump in its short sale inventory in the last six months led to the formation of a new division to help handle the surging workload.
The Irving, Texas-based company said fewer borrowers are qualifying for loan modifications, so much so that the Vantium short sale portfolio increased around 250% since May.
Vantium formed the new division of under subsidiary Vantium Component Services to handle the influx of short sales.
The company also acquired the employees and contracts of short sale processor Access Loss Mitigation under undisclosed conditions, according to Vantium CEO Amy Brandt.
Eli Gordon and David Fiedler, co-founders of Access Loss Mitigation, will serve as vice presidents of Vantium's new division.
"Together, we have accelerated Vanitum's extension of services and have introduced more efficient ways to manage the entire short sale process," Brandt said in the release.
Vantium provides specialty servicing, loss mitigation and mortgage debt recovery services. The firm is owned by Apollo Global Management ($25.04 1.12%).
Write to Andrew Scoggin.
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