Ownit Mortgage Solutions, Inc. ("Ownit") AnnounceS that they have Entered into a Strategic Alliance with C-BASS for the Servicing and Default Management of their Mortgage Loans
The combination of our competencies, we believe, will command a premium in the market -- the best product and innovation and the best servicing and default management.
Woodland Hills, CA (PRWEB) July 29, 2004 -- Ownit Mortgage Solutions, Inc. ("Ownit") announced today that they have entered into a strategic alliance with C-BASS for the servicing and default management of their mortgage loans. Ownit also expects to partner with C-BASS in the selling and security of its loans. John duHadway, Ownit's Chief Financial Officer, stated "We are excited to partner with C-BASS. As a Company and as individuals, we have enjoyed a strong relationship and this alliance marks the evolution to the next level. Partnering with C-BASS enables us to focus on what we do best -- creating and delivering products. C-BASS on the other hand is the preeminent subprime and special service in the market. The combination of our competencies, we believe, will command a premium in the market -- the best product and innovation and the best servicing and default management."
Bill Dallas, Chairman, President and CEO of Ownit is also Chairman of MindBox LLC and Sysdome Corporation, envisions leveraging each other's technology expertise. "We rely upon Sysdome for risk-based analysis of originations pre-funding and at a loan level. C-BASS is recognized as a leader in using technology and analytical tools to service ALT-A and subprime loans. By partnering with C-BASS, we ensure that performance data on Ownit loans is fed back to Sysdome enabling us to make faster, more accurate decisions in an automated fashion at point of sale. This relationship solidly aligns Ownit, C-Bass, and the investors in Ownit's Loans."
Terms of the agreement were not disclosed.
About Ownit Mortgage Solutions-- Ownit Mortgage Solutions is a provider of unique mortgage solutions focused on serving brokers throughout the United States. Ownit's corporate headquarters located in Woodland Hills, CA combined with a nationwide network of offices offer a comprehensive line of mortgage solutions. The RightLoan, the company's proprietary product, is a risk-based product focused on purchase money, owner-occupied mortgages offering up to 100% financing. Ownit Mortgage Solutions has recently expanded adding four new locations. Portland, Oregon, Denver, Colorado and Phoenix, Arizona and Cincinnati, Ohio branches will offer Ownit more coverage across the country and the opportunity to greatly increase performance.
About C-BASS -- C-BASS is a New York-based company specializing in the acquisition, servicing and security of credit-sensitive residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide special servicing and subprime servicing for credit sensitive and non-performing mortgage loans. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Radian Group, Inc. (NYSE:RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group, Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc.
Contact Information:
Diana Williams
8185950200
dwilliams@ownitmortgage.com
OWNIT MORTGAGE SOLUTIONS
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