Education and knowledge-sharing were at the center of proceedings during the second day of the ongoing Five Star Conference and Expo in Dallas. The Property Preservation Lab, Servicing & Compliance Lab, and the REO Lab all provided attendees with keen insights into the latest trends in default servicing and asset management.
Hosted by Guardian Asset Management and Co-Hosted by Apex Asset Management Group, Brookstone Management, Five Brothers, Laudan Properties, and MSI, the Property Management Lab began with opening remarks from the Lab Director, Hoss Gabbard, Managing Director, Default Operations/Post Sale, Home Point Financial Corporation.
Topics such as strengthening vendor relations, preserving assets in high-risk areas, and honing request for proposal (RFP)-writing skills were at the heart of the discussion during the Property Preservation Lab in the morning.
"There's a misconception that Fannie Mae knows that they're looking for," Rebecca Thibaudeau, Category Manager, Corporate Procurement, Fannie Mae noted regarding writing RFPs. "We want to find out what's out there."
The afternoon saw two key areas of the default servicing business being discussed by experts. At the Servicing & Compliance Lab led by Michael S. Waldron, Chief Compliance Officer, Bayview Loan Servicing, experts discussed strategies to enhance operations, manage costs, and assist homeowners.
Hosted by Altisource and Co-Hosted by BRON, Situs AMC, Consolidated Analytics, Ernst & Young, and National General Lender Services, the discussions at the Servicing & Compliance Lab revolved around the present and future of servicing, expectations from new housing policies, and technological innovations in servicing operations.
At the REO Lab hosted by Home Depot Renovation Services and Co-Hosted by Altisource, Constructive Management, and Five Brothers Asset Management, Lab Director Andrew Oliverson, VP, REO Operations, Green River Capital, led discussions on the challenges of REO disposition.
"The challenge that agents have had in the past and may still have is staying relevant as auctions become bigger," Oliverson said. "You've got to continue to be that local expert. Its important for agents to be engaged and know their local market."
The lab deep-dived into critical topics facing the REO business. They included insights on working with government agencies, the future of asset management, how technology’s shaping the REO business, and advances in alternative disposition strategies.
"Make yourself a resource," commented Rida Sharaf, SVP of Operations, USRES.
The education sessions will continue on Wednesday with expert insights and keynotes during the Diversity & Inclusion Lab, Foreclosure Lab, and Fintech Lab.