iServe combines mortgage servicing, REO operations

iServe Servicing integrated its servicing operations with its REO department Monday. The company, an affiliate of National Asset Direct, services performing, subperforming and nonperforming mortgages and handles REO liquidation for lenders. The integrated businesses will operate under the iServe Servicing title and will be led by CEO Richard Cimino. Cimino said the new model will give clients a “one-stop shop” and allow iServe to customize how it services mortgages and liquidates the REO once the property is repossessed. In April, Cimino told HousingWire that smaller shops like his have an edge over larger servicers loaded down with hundreds of thousands of loans, some with legacy pricing and procedures established when delinquencies were low. “As our clients’ needs evolved, we recognized the necessity to adjust our business model,” Cimino said. Write to Jon Prior.