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VRM to Start Managing VA Foreclosures

As of July, ""Vendor Resource Management"":http://www.vrmco.com/ (VRM) became the exclusive provider of property management services for the Department of Veterans Affairs' (VA) foreclosures.

The VA acquires foreclosures on VA-guaranteed and VA-financed loans. Through the contract, VRM will start providing the property management services for the foreclosures to market the properties for sale. VRM was also awarded with a portfolio servicing loan contract.

Bank of America (BAC) had previously been awarded the contracts to service VA loans and manage the sales of the foreclosures.

VRM was first awarded April 13, according to a VA circular.

Headquartered in Carrollton, Texas, VRM is a nationwide REO management company.

About Author: Esther Cho

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