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Richard D. Powers Joins DJSP Enterprises as COO and President
PLANTATION, Fla., July 12, 2010 -- DJSP Enterprises, Inc. (Nasdaq:DJSP), one of the largest providers of processing services for the mortgage and real estate industries in the United States, today announced that Richard D. Powers has accepted the position of President and Chief Operating Officer (COO), effective July 12th 2010.
As President and COO of DJSP Enterprises, Powers will be responsible for the day to day operations, improving and expanding existing business lines, and implementing the company's cyclical strategy to provide services to the mortgage industry for the life of the loan.
Mr. Powers adds more than 25 years of mortgage banking and financial services experience to the DJSP management team. Prior to joining DJSP, Mr. Powers served as the head of Real Estate Services for Altisource Portfolio Solutions, SA. (Nasdaq:ASPS). In this capacity he oversaw a variety of business units primarily focused on the default management space including an appraisal management company, a real estate brokerage unit, a field services company and the creation of a proprietary REO internet auction platform. Powers previously served as General Manager of Ditech and GMAC Mortgage Direct/GMAC ResCap, overseeing marketing, sales, finance, operations and strategic planning functions. Under Powers' leadership, Ditech enjoyed a rapid return to profitability, enhanced marketing efficiency and a complete revamping of the brand's image. In addition, in June of 2007 he also assumed responsibilities for GMAC Mortgage's direct lending unit in Cherry Hill, NJ. Prior to joining GMAC/ResCap, Rick worked at Metrocities Mortgage Corporation as president of the company's Western division, managing loan production and operations. He was also an executive member of its board of directors.
Prior to his role at Metrocities, Powers was president of KB Home Mortgage, where he managed the company's captive mortgage business, insurance and consumer direct subsidiary. Previously, he served as president and chief executive officer of Charter One Mortgage Corporation for seven years, helping establish it among the top 20 largest retail loan originators in the nation, and was senior vice president of Great Western Mortgage Corporation, responsible for production and operations in three regions.
Powers earned a Bachelor of Arts degree from Excelsior College and an MBA from the University of Chicago's Booth School of Business.
"Rick is exactly the right leader for DJSP Enterprises," said David J. Stern, Chairman and CEO of DJSP Enterprises. "His extensive industry experience and vision complement our efforts in defining a leadership position in the default services sector and beyond. His strong management experience will help shape DJSP as we continue to establish ourselves as a provider of services to the mortgage industry for the life of the loan. Rick brings the expertise needed to drive efficiency, scale our business for success and deliver value to both our customers and shareholders."
"I am thrilled to join DJSP at this stage its growth," said Mr. Powers. "I look forward to leading DJSP in building operational excellence which will take us to the next level of achievement. Working closely with the existing management team we will build on DJSP's impressive current capabilities as we expand both the depth and breadth of our service offerings with an eye towards achieving best in class results in customer service and business efficiencies."
About DJSP Enterprises, Inc.
DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company's principal customer is the Law Offices of David J. Stern, P.A., whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years. The Company has approximately 1,000 employees and is headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. The Company's U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines, that provides data entry and document preparation support for the U.S. operation