Collaboration was the theme as several of the mortgage banking industry's top executives convened at the Five Star Institute's inaugural Alternative Disposition Forum Tuesday in Las Colinas, Texas, to discuss ideas, opinions, insights, and strategic opportunities in the alternative disposition space.
"The attendees at today's event have pledged their leadership at a pivotal time in housing," Five Star President and CEO Ed Delgado said. "The focused discussions and open dialogue will go a long way toward ensuring that the challenges that we face will be met with the same determination and resolve that the industry has come to be known for."
About 40 REO, default, and foreclosure executives from all over the country gathered to engage in open dialogue about the "state of the industry." Topics of discussions included whether short sales are still relevant, whether or not to sell occupied properties, claims without certificate of title, resolving the "hold bucket," determining the right disposition strategy for the property, the impact of prolonged sales cycles on the community, what to evaluate when considering a property repair, and what can be done to expedite the foreclosure process on vacant and abandoned properties.
"The industry is changing, and we're facing a different set of challenges," said Elsa Lewis, EVP of Williams & Williams Worldwide Auctions, the event's hosting sponsor. "We're all here to talk about those challenges and exchange ideas for finding solutions. Our goal is to provide solutions for our clients. That's what we do. We're successful when our clients are successful. We want a win-win for us and our clients, and finding a solution is the best way to get it."
Co-hosting sponsors for the event were Jordan Capital Finance, National Real Estate Solutions, ServiceLink, and VRM Mortgage Services.
The intimate setting of the forum with limited attendance and open roundtable-type discussions on all of the topics allowed for interaction on a more personal level and a more fluid learning process, according to those who attended the event.
(Editor's note: The Five Star Institute is the parent company of DS News and DSNews.com)