Dallas Financial Firm to Move to Irvine

NAB Asset Corp., a financial services holding company, said Thursday it is moving its corporate offices from Dallas to Irvine and is forming a subsidiary here that will specialize in mortgages for credit-impaired borrowers. NAB Asset, has about six employees in its corporate offices.

“Irvine looks like where we’ll have a huge amount of business,” said NAB President Michael W. Caton. “The potential for growth is tremendous.”

The new subsidiary, MPS Funding Corp., is a unit of Mortgage Portfolio Services, a mortgage banking company in Dallas that is 80% owned by NAB Asset. Gordon Stockwell, president of MPS Funding, was formerly president of ICI Funding Corp. and has 22 years of experience in the mortgage banking industry. He will report to James E. Hinton, president of MPS.