National Asset Direct Expands Presence into Originations
Mortgage advisor and portfolio manager National Asset Direct (NAD) is expanding its platform into originations, as the investor/servicer looks to integrate across the mortgage banking value chain. NAD said Monday it had acquired Scottdale, Ariz.-based United Residential Lending, an FHA lender in 18 states including California, for an undisclosed amount. Additional details surrounding the acquisitions were not made public. United Residential will operate under the new nameplate iServe Residential Lending, and joins the existing umbrella of iServe business affiliates under NAD, including iServe servicing and real estate asset disposition segments. The newly-branded lender will retain United Residential's co-founders Gary Willis and Doug Wilson as chief operating officer and chief financial officer, respectively. "United Residential Lending, which has multiple retail branch partners, strong warehouse lending and take-out lending relationships, and a broad geographic footprint, is the ideal addition to our suite of integrated iServe affiliates," says NAD CEO Jeffrey Kaplan in a media statement. For NAD, the move is one that takes the firm closer to integrating across all mortgage banking activities -- meaning the firm can purchase loans, service loans, and originate and underwrite loans. All are critical functions for a firm that specializes in acquisitions of sub-performing and distressed residential mortgages, according to company executives. "The addition of iServe Residential Lending transforms NAD into a true 'one-stop shop' and provides a significant competitive advantage as we are one of the few companies in this space with servicing, mortgage and real estate under one roof," says Louis Amaya, chief investment officer and chief operating officer at NAD. Write to Diana Golobay.