Stewart expands into mortgage default services

Stewart Mortgage Information will offer default management and technology services supporting the mortgage and consumer services industry through a newly formed subsidiary, Stewart Default Solutions.

C. Alan Paylor, who recently joined Stewart Mortgage Information, will serve as executive vice president and chief operating officer of the new company.

The company's initial focus will be on changing the workflow process in the company's existing default management and services, Paylor said.

About 1.3 percent of one-to-four-unit residential properties at the end of the fourth quarter 2003 were in foreclosure, according to the Mortgage Bankers Association's national delinquency survey. That number is five basis points higher than the third quarter rate of 1.24 percent.

"We are excited about bringing a third option to this market space," said Paylor.

Stewart Mortgage Information, a wholly owned subsidiary of Stewart Information Services Corp., provides mortgage information and services.

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