Partnership with the Barrett Burke law firm positions the company for strong growth
Trinity Hunt Partners has partnered with the Texas-based law firm of Barrett Burke Wilson Castle Daffin & Frappier, L.L.P. to form National Default Exchange, L.P.(NDEx), a nationwide provider of mortgage default, foreclosure and bankruptcy administrative processing services. Established in 1990, Barrett Burke is one of the leading providers of trustee, administrative processing and legal services to the mortgage industry. The firm has long-standing client relationships with most of the dominant mortgage industry lenders, servicers and investors. NDEx will assume from Barrett Burke responsibility for providing trustee and administrative processing services to the firm and its clients. The company will be led by Michael C. Barrett, Chairman and CEO.
Regarding the growth plans of NDEx, Mike Barrett commented, “The Barrett Burke firm was founded upon client service. The formation of NDEx will facilitate the expansion of that service to additional geographic markets and service capabilities. Trinity Hunt Partners has a solid reputation as a growth partner and brings the experience, relationships and resources to accelerate the organic and acquisition driven growth of NDEx.”
In 2005, approximately 850,000 properties went into mortgage default and more than 1,930,000 bankruptcies were filed nationwide. With rising interest rates and an increasing number of adjustable rate mortgage (ARM) repricings, it is anticipated that default rates will continue to rise over the next few years.
“Mr. Barrett and his team at Barrett Burke have earned a reputation for industry leadership and uncompromising client service,” said Pete Stein, Trinity Hunt investment partner. “With the expected rise in mortgage defaults, NDEx is well positioned to manage these transactions and provide exceptional service to its clients.”
Frost Securities acted as an advisor to Barrett Burke on this transaction.