New Vista Asset Management, a San Diego-based REO asset management firm, announced Tuesday that it has purchased the REO asset management business unit of REDC Default Solutions, LLC Terms of the transaction were not disclosed.
The asset management unit, previously operated within REDC, which is a wholly-owned subsidiary of Irvine, California-based Auction.com, LLC (formerly Real Estate Disposition, LLC), offers outsourced residential asset management services for banks and other financial institutions.
According to a statement from New Vista, the acquisition ""expands New Vista's strong client portfolio and deepens the company's commitment to providing solutions that propel America's housing recovery.""
REDC's asset management unit's managers, employees, technology, and client engagements transferred to New Vista as a result of the transaction, and will become part of the Southern California company's first full-scale, self-operated platform.
""New Vista has always stood for the proposition that outstanding REO asset management performance can be
achieved through strategies that also sustain communities, support homeownership, and provide access and opportunity for minority homebuyers and real estate professionals,"" said Brian Hurley, president of New Vista.
""Through our results-driven platform, we will broaden our market impact to achieve even better results for clients and communities alike,"" Hurley added.
Donita Thompson is a former SVP of REDC, who became SVP of REO operations for New Vista at the closing of the transaction.
Thompson said, ""Our team is excited to join New Vista. We believe strongly in the company's mission and are eager to focus our energies on driving the company's REO performance and growth.""
Founded in 2007, New Vista provides community-based outsourcing solutions for mortgage bankers, mortgage investors, and regulated financial institutions. The company has an extensive national network of multicultural real estate brokers, which New Vista says allows it to match performance with creative REO marketing strategies that use foreclosure inventory to create affordable housing solutions and sustain homeownership rates in underserved communities.
New Vista has been employed by both Fannie Mae and Freddie Mac to assist the GSEs with their REO inventories and putting the properties back into the hands of individual homeowners through several foreclosure auction events in hard-hit markets in California, Nevada, Arizona, and Florida. On several occasions, REDC was also brought in to execute the auctions.
Most recently, New Vista was approved by HUD as a subcontractor for the agency's oversight and review of third-party vendors used in HUD's REO disposition program.