(updated to reflect existence of parent company, Titanium Holdings)
Loss mitigation is big business these days, as servicers face the prospect of managing an ever-growing number of troubled loans with what are often a fixed set of resources.
One company that's clearly been reaping the benefits of servicers' increased need to manage borrower defaults is Titanium Solutions
, which manages a national network of "door knockers" that look to work directly with troubled borrowers on the premise that working in-person is more effective than a phone call.
The company said Monday morning that it had named Patrick Carey, a long-time default industry executive, as CEO at Titanium Holdings, Inc., the parent of Titanium Solutions; former Titanium Solutions CEO Todd Sibley has transitioned into a chairman's role at the holding company, and long-time company executive and co-founder Spencer Erekson was named president earlier in July
Carey joins Titanium after a successful stint as executive vice president of default & retention operations for Wells Fargo Home Mortgage, where he was responsible for end-to-end default operations of the company including collections, loss mitigation, bankruptcy, foreclosure, claims, property preservation, default reporting and REO.
Carey's career includes executive positions at UNUM Life Insurance Company of America, First Card Corp. and JPMorgan Chase, formerly Chase Manhattan Bank.
"I look forward to working with the team at Titanium to continue to grow the company and to develop products and services that will assist customers with keeping their homes during this challenging economic cycle," said Carey.
For more information, visit http://www.titaniuminc.com