Dynaxys Wins $75M Department of Housing and Urban Development (HUD) Contract to Service Government Insured Mortgage Loans

Market Wire, October, 2008

Dynaxys, an accounting solutions firm , announces the award of the Federal Housing Administration 's (FHA) "Multifamily Mortgage Loan Servicing and Accounting, Property Management Servicing and Accounting and 202/811 Direct Loan UCC (Uniform Commercial Code) Set Up and Maintenance" contract held since 1982. The one-year contract for $16M was awarded with four year options totaling more than $75M.

"We are thrilled to be selected to continue to provide loan and accounting services to FHA. We are dedicated to delivering the utmost in performance, continuous improvement, and innovation for the management of these federal assets," Lisa Miller , President of Dynaxys, said. "The tenure of our relationship speaks to the trust and transparency that Dynaxys bring to loan servicing ."

The contract began when the federal government was faced with a mortgage crisis. HUD's FHA was responsible for thousands of mortgages that were in default, resulting in a high volume of insurance claims from lenders. HUD partnered with Dynaxys to accommodate the volume of defaulted mortgages.

Dynaxys provides accounting and reporting, default servicing, cash management, financial and asset management to service the HUD portfolio. The company customizes accounting and business software to support for FHA's complex portfolio and multi-faceted operations.

In feedback from HUD personnel, they commented that they were extremely pleased that Dynaxys was awarded the contract for services for the multifamily properties and HUD-Held notes. Dynaxys' years of experience with HUD has enabled them to have an exceptional understanding of HUD's business practices and provide HUD with excellent service and access to a state-of-the-art system.

Dynaxys is pleased to be acknowledged by HUD as one of their most outstanding contractors and an asset to the Department.

About Dynaxys

Dynaxys is a woman-owned small business that delivers a full range of strategic and tactical accounting solutions to government, commercial and non-profit customers. The company has particular expertise in outsourced accounting, business services and application development. Dynaxys invests in innovation and partnerships to advance process management and business intelligence including the use of the global standard, XBRL. More information can be found at http://www.dynaxys.com .

Contact: Carol Blitzer (301) 622-0900 Email Contact