Steward Lender Services (SLS), subsidiary of Stewart Title Company has announced the acquisition of a majority ownership interest in PMH Financial, a full-service REO outsource and subservicing company that provides REO services, short sale management, collateral valuation, subservicing, loan review and due diligence services.
PMH currently has over 100 employees spread across six states and an active inventory of roughly $2.5 billion in real estate assets on behalf of financial institutions, loan servicers and hedge fund investors.
“This transaction represents a strategic acquisition for Stewart Lender Services,” said Jason Nadeau, president and CEO of Stewart Lender Services. “PMH will provide a great deal of synergy with a number of Stewart clients and services. PMH’s senior leadership team has some of the leading REO and servicing executives in our industry. We are very excited to have them join our team.”
Although the two have some clients in common, the overlap that does exist will not lead to any internal competition, according to Nadeau.
“This is an excellent move for our clients and helps to position our company for continued growth”, said Ken Blevins, president and CEO of PMH Financial. “Stewart is a market leader in providing a comprehensive set of default and mortgage origination services. By joining Stewart Lender Services, we can deliver greater value to our clients while offering them an expanded line of related products and services.”
It’s not just tech companies and real estate search companies that are acquiring one another, builders and lenders are as well, marking an era of strengthening internal offering while buying companies that in an extremely successful economy could possibly be unable to be acquired.
This article published on Tuesday, July 19th, 2011 at 4:30 am | Contact the editor Tags: featured, real estate economy, Real Estate News, REOCategory: News
Tara Steele is the News Director at AgentGenius, covering real estate news, technology news and everything in between. If you’d like to reach Tara with a question, comment, press release or hot news tip, she frequently checks her email, simply click the link below.
Email Tara Steele
No comments:
Post a Comment