On Tuesday, ""Lenders Asset Management Corporation"":http://www.lendersreo.com (LAMCO), a nationwide default asset management company headquartered in Littleton, Colorado, announced the company's approach to help mortgage servicers fully[IMAGE]comply with the federal government's Home Affordable Foreclosure Alternatives (HAFA) program, set to take effect April 5.
In efforts to respond in a timely fashion to the inevitable influx of short sale requests expected as a result of HAFA, LAMCO says it is prepared to execute accelerated short sale transactions through its quality management system. The company explained that this involves using specialized teams of experts who handle specific activities associated[COLUMN_BREAK]
with the short sale and liquidation process. The team of specialists also facilitates governmental compliance by fulfilling all of HAFA's specified audit requirements.
LAMCO says it has streamlined the short sale process through its established LAMCOnetwork, which connects lenders and servicers with real estate agents, lawyers, brokers, contractors and other vendors in a one-stop database.
The company says this approach enables it to manage staff and the vendor value chain in order to achieve maximum levels of performance and collectively leverage skill sets to cost-effectively ensure data security, timely completion of each short sale, provide homeowners the guidance and service they need, and achieve full compliance with HAFA's guidelines.
""In preparation for HAFA, LAMCO has prepared its team of experts as well as its network of established vendors to further enhance the coordination among all parties involved in the short sale process,"" said Brandon J. Hawkes, CEO of LAMCO.
HAFA is intended for homeowners who do not qualify for a loan restructuring under the administration's Home Affordable Modification Program (HAMP) to allow them to enter into a short sale or deed-in-lieu on their property as an alternative to foreclosure.