LITTON LOAN SERVICING LP—A PROUD HISTORY

Great ideas are often developed in times of adversity. During the difficult Texas real estate market of the 1980s, Larry B. Litton, Sr. pioneered an innovative approach to mortgage loan servicing that is recognized today as a national model. Litton's process combines active, hands-on loan servicing with sophisticated computer technology to produce the highest cure rates in the industry for seriously delinquent mortgage loans.

Litton's successful methods grew out of a program called Houston Proud, which held neighborhood meetings during the height of the Texas real estate crisis to provide distressed homeowners with information about foreclosure alternatives. Houston Proud was credited with preventing thousands of foreclosures as a result of its outreach efforts. Larry B. Litton, Sr. learned a valuable lesson from his experience; he realized that as customers understood their options and became part of the solution, they would work with loan servicers rather than against them and superior cure rates would result.

Larry B. Litton, Sr. founded Litton Mortgage Servicing Center in 1988 to be a subservicer of problem loans from various mortgage servicers and private investors. The company has evolved to where today, Litton Loan Servicing LP has clearly established itself as one of the premier residential mortgage servicers in the industry as it works to cure problem loans and prevent foreclosures by providing delinquent customers with a full range of structured counseling and support services.

From the time Litton Loan Servicing LP was founded in 1988, with a small number of employees servicing loans made to Texas homeowners, the primary objective was to enable families to maintain homeownership. Although, the number has grown to over 1,000 employees servicing loans made to homeowners throughout the United States, the primary objective remains the same, and that is "to enable families to maintain homeownership."