American Home Mortgage Servicing Inc. (AHMSI) has announced that the company will change its name to Homeward Residential to reflect its expansion into residential lending and other real estate finance-related businesses. The full transition to the new name, Homeward Residential, is expected to be completed in the second quarter of 2012. AHMSI's portfolio of services was expanded in October 2011 with the opening of the company's correspondent and warehouse lending operations. During the past 12 months, AHMSI has added new businesses to support the needs of customers in a challenging marketplace, including loan closing services, real estate-owned (REO) management, home valuation, special servicing, sub-servicing and asset management consulting.
"Today's announcement is not simply a name change. Over the past 12 months we have built a full-service mortgage banking enterprise with a broad spectrum of offerings and expertise in lending, servicing and a variety of related services," said Dave Applegate, president and CEO of AHMSI.
The name Homeward Residential evolved after employee and customer input, followed by additional research, analysis and audience testing.
"We believe that homeownership remains a significant part of the American dream, and 'Homeward' is the ideal identity to support the aspirations of our customers," said Applegate. "Our exceptional and talented employees played significant roles in helping us rename our company, and their input was valued among the entire organization. Homeward's ultimate success rests on those same employees who are passionate about the work they do and remain steadfastly committed to finding the best possible solutions for homeowners."
AHMSI is currently ranked as the 13th largest mortgage servicer in the country, managing nearly $71 billion in loan servicing, representing approximately 374,000 customers. Since its inception in April 2008, AHMSI has modified over 195,000 mortgage loans, including over 32,000 under the U.S. government's Making Home Affordable Program. AHMSI's more than 3,000 associates work each day with the mission of helping families preserve their dream of homeownership.