LRES, a national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union, and real estate industries, announced a new real estate owned (REO) operating model. The model is expected to further increase efficiency and accommodate new clients.
The new approach has allowed the company to handle additional REO inventory, creating 72 percent year-over-year growth in spite of a national decline of REO inventory.
"Over the past year, our growth in REO volume can be attributed to the restructured model as well as to the performance of our asset management team exceeding the industry-established Key Performance Indicators (KPIs)," said Roger Beane, CEO of LRES, in a press release. "Our modified approach has increased efficiency to better serve our new and existing clients."
The new operational system is structured similarly to an assembly line, enabling separate task managers to handle each stage of the loan. Previously, a single asset manager handled the entire servicing process.
The new system required adding several positions, including a pre-marketing coordinator, marketing coordinator, listing coordinator, and closing coordinator.