MCS Names Charles Mangan AVP Operations

Thirty-year veteran joins management team at national field service company

TAMPA, Fla., May 17, 2011 - Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections and REO property maintenance, announced today the addition of Charles Mangan as assistant vice president of operations. Working out of the Dallas office, Mangan will oversee property preservation activity of the company's REO clients and contribute to MCS' overall strategy for effectively preserving the country's communities while also minimizing servicers' risks and costs to do so.

Mangan has more than 30 years of experience in the REO management and financial services industry. Most recently, he managed REO operations for national servicing company American Home, leading a team of associates responsible for the management and liquidation of a real estate portfolio in excess of $500 million. Prior to that, Mangan was director of finance for HomeVestors of America, where he led the lending operations for a nationwide real estate franchise network.

His career began in the early 80s in the Savings and Loan era, managing REO operations for 10 years. He then spent another 10 years with one of the largest financial services companies, Associates Financial Services, holding various positions managing REO and asset management operations. Mangan is a member of the Texas Association of Mortgage Brokers.

Caroline Reaves, CEO of Mortgage Contracting Services, said, "Our management team shares a combined more than 350 years of experience in leading servicing shops, and Charles is adding to that expertise. We expect that his addition will enhance the way in which we can use our past experiences to most proactively respond to, and provide solutions for, clients' needs in varying market cycles."