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» VISIT US ONLINE @ DSNEWS.COM FIVE MINUTES WITH GET TO KNOW INDUSTRY EXECUTIVES BEYOND THE BOARDROOM Louis Amaya CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER, NATIONAL ASSET DIRECT, INC. Louis Amaya co-founded National Asset Direct, Inc. (NAD) in October 2006 to support the acquisition and management efforts of investment funds in residential debt and real estaterelated asset classes. Under his leadership, NAD quickly grew to include subsidiaries iServe Servicing, a specialty servicer; iServe Real Estate Operations, a full-service REO management and disposition firm; iServe Residential Lending, a retail mortgage originator; and xplair Technology, a provider of mortgage portfolio management and surveillance software. He currently serves as president of the iServe Companies and xplair Technology in addition to his dual role at NAD. Are you seeing evidence of declines in REO supply in the field? Although iServe's REO business is on the rise, nationwide we are seeing a decline. Tighter inventory levels can be attributed to the continued increased efforts in executing preferred loss mitigation strategies and alternative disposition methods. Competent risk managers will utilize all the tools at their disposal to reduce severity. Sophisticated managers will explore various methods and benchmark NPV [net present value] transactions versus pushing a loan through the traditional default process. How are you managing risk associated with vacant properties? Nothing can replace agents in the community. Boots on the ground are necessary to manage issues such as prolonged vacancies. Will impending sequester cuts affect REO asset management? I don't see the sequestration having much of an impact for better or worse. The industry and economy are moving in the right direction, albeit more slowly than we would like. Many of us have spent the past few years retrofitting our businesses to the current environment, adjusting expectations, and building processes and methodologies to adhere to the many regulatory and legal requirements being put in place. As a result, businesses are ready to invest in new opportunities and growth again, and banks will continue to shed their bad assets in a manner that does not risk economic growth. In terms of credit availability, alternative loan products are slowly making a comeback. We have seen several non-conforming private securitizations completed recently which is a must for our industry to fully recover. How do you see technology pushing the industry forward? Increased transparency, accountability, and the ability to drive strategy are key components to effective technology. Technologies that follow the complete capital markets chain—from sourcing deals and due diligence to acquisition and portfolio management—those are the types of advancements that will provide the level of transparency and accountability now expected within the industry and from investors, regulators, and even consumers. What's the single most important piece of advice you'd give to agents and other professionals working with REOs in today's marketplace? Providing value is key to building new relationships. The business is shifting and diversification is essential for those who will be successful managing the transition of our industry. Change always creates opportunity, so my advice is to be on the lookout for new ways of conducting business. 27

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