PR - ProVest Signs Five New Servicers

Tampa, Fla.-based ProVest, a national process server management company, yesterday announced that five leading servicers have partnered with the company to improve turn times while maximizing loss mitigation results. Two of the servicers are ranked among the top ten largest in terms of volume, and another is ranked among the top ten for Alt-A volume.

“Efforts to better educate the public and increase loss mitigation are more crucial than ever,” said Victor Draper, executive vice president of ProVest. “Working closely with leading servicers and providing them with better tools supports ProVest’s commitment to improving the default servicing industry.”

The company’s proprietary system, TRACKER, offers the ability to automatically upload/download field data and images to partners and corporate offices in real-time. Within just a few hours all parties know where and when the papers were served, where the homeowner is physically located and what information was disseminated. These results enable the servicer to become increasingly proactive with loss mitigation efforts.

With foreclosures in the first half of 2007 up by more than 55 percent and another 446,000 properties filed for foreclosure in the third quarter, it is increasingly important that they find an efficient, effective way to help stabilize the mortgage environment.

Draper added, “An estimated $500 billion in adjustable-rate mortgages are due to reset at higher levels in 2008 and the industry needs to ensure that that population is adequately equipped to best manage the change. ProVest is dedicated to leveraging technology and strong industry relationships to help servicers tackle this hefty task.”

ProVest offers service nationwide, with offices in Tampa and Ft. Lauderdale, Fla.; Chicago; Columbia and Charleston, S.C.; Cincinnati, Cleveland, Columbus and Toledo, Ohio; Dallas; Long Island, N.Y.; and Oklahoma City, Okla.