Stewart Lender acquires PMH, expands into REO management
Stewart Lender Services, a wholly owned subsidiary of Stewart Title Co., acquired a majority interest in the REO outsourcing and subservicing company PMH Financial and will begin evaluating real estate brokers for its network. PMH managed an active inventory of roughly $2.5 billion in real estate assets for banks, servicers and hedge fund investors. Executives at Stewart said they will manage more than 6,000 properties in all 50 states. The acquisition adds REO services, short sale management, collateral valuation, subservicing and other services to its core title business at Stewart Title Company. "Stewart's perspective is that this is another significant step to make sure we are diversified outside of our core title business," said Stewart Lender CEO Jason Nadeau. "It's having really good, strong competencies in that space as the shadow inventory of foreclosed homes moves through the process. For us from a revenue generation standpoint, it makes a lot of sense for us." Nadeau encouraged REO brokers with experience in the field to register and apply on its website. Executives will evaluate these real estate professionals for possible inclusion into a newly forming network. Nadeau said because banks and government agencies are shrinking the minimum radius the listing broker must be based from these properties, Stewart will be looking for more help. "We did this deal to have a much larger operational capability and the market footprint in the REO management business," Nadeau said. Write to Jon Prior. Follow him on Twitter @JonAPrior.