National Asset Direct Completes Purchase of $34 Million of Whole Loan Mortgages from Top-Tier Bank

SAN DIEGO--(BUSINESS WIRE)--National Asset Direct (“NAD”), a purchaser of distressed residential assets and loans, today announced that is has completed the purchase of a portfolio of approximately $34 million of seasoned sub-performing and non-performing first lien residential mortgages from an undisclosed top-tier bank. NAD intends to service approximately 65% of this newly acquired portfolio through iServe, its wholly owned servicing subsidiary. Since its inception in October 2006, NAD has purchased over $250 million of principal amount of whole loans.

NAD also announced that it launched a proprietary Deal Management System (“DMS”) in May 2008. The DMS, which was created by an internal development team, assists NAD in managing deal bidding through acquisition and servicing transfer. The characteristics of specific portfolios can be imported to the system, which works together with NAD’s data warehouse to capture data from the servicing platform and enables NAD to evaluate and analyze prospective portfolios and judge their risk profile. Future enhancements will include servicing reporting, due diligence management, tracking and reporting and web service integration with third-party service providers.

Louis Amaya, Chief Investment Officer and Chief Operating Officer of NAD, said, "As we continue to expand our investment in the distressed debt market, we remain intensely focused on understanding and modeling clear risk profiles for the pools of assets we purchase. By creating unique, customized data and portfolio management systems to complement our high-touch servicing platform, we are using best-in-class technology to help us manage the deal bidding process and execute optimal solutions that extract the maximum upside from our portfolio.”

About National Asset Direct

National Asset Direct Inc. (NAD) was launched in October of 2006 as a principal buyer of a broad array of performing, sub-performing and non-performing residential assets. NAD has established trusted relationships with a wide spectrum of financial institutions, investments banks, mortgage banks, and thrifts looking to manage liquidity, operational flow, or loss severity, and has built an outstanding team of experienced senior managers from the top mortgage originators/servicers in the industry, including GMAC RFC, Homecomings Financial, Option One Mortgage, Peoples Bank, Suntrust Mortgage, EMC and Accredited Home Lenders. For more information, please visit www.nationalassetdirect.com.

About iServe Servicing, Inc.

iServe Servicing Inc., a subsidiary of National Asset Direct, was established in April of 2007 and began boarding its first loans in late 2007. Led by Ralph Carrigan, iServe’s COO, iServe uses a customer-centric philosophy coupled with state-of-the-art technology solutions, iServe’s primary focus is to carefully diagnose the unique conditions of an individual and to encourage resolutions that provide immediate relief, near-term stabilization, and promote long-term viability of retaining homeownership. For more information, please visit http://iserveservicing.com/.