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Field Asset Services Unveils New Pre-foreclosure Service Avert

Texas-based ""Field Asset Services"":http://www.fieldassets.com (FAS), a nationwide provider of field services to the REO industry, announced the availability of a new pre-foreclosure service called Avert this week.


The company explained that by utilizing integrated technology and building on FAS's experienced staff, ""Avert"":http://www.FieldAssets.com/Avert offers banks and servicers, for the first time, a single source solution to reduce default expenses and avoid foreclosures.

With housing prices continuing to fall and the number of vacant homes on the rise, banks are under increased pressure from regulators and the public to improve their loss mitigation success rates.

In addition, the number of properties with delinquent mortgages yet to be foreclosed upon is growing. According to a recent report by Standard and Poor, it could take nearly four years for the housing market to work through the current shadow inventory.

""As the shadow inventory of at-risk homes continues to swell, banks and servicers are faced with numerous challenges and need solutions to prevent these pre-foreclosures from becoming foreclosed properties,"" said Dale McPherson, president and CEO of Field Asset Services.

""With Avert, FAS can provide banks and servicers with the right knowledge and tools to improve the loss miti-


gation process, reduce expenses, and build greater collateral intelligence â€" well in advance of a property becoming a foreclosure asset,"" McPherson explained.

Avert offers a suite of services based on what FAS describes as ""seven proven steps in reducing default expenses"" to help banks avoid foreclosures and the associated costs.

Among those seven steps, FAS' solution arms short sales teams with property listing reports and optional valuation and MLS data in order to target high probability short sale prospects to avert foreclosures altogether.

The solution enables clients to employ claimable damages reports to head off repair expenses and seamlessly integrate with their hazard mitigator. This model allows lenders and servicers to file claims against the homeowner's insurance policy if the damages are uncovered prior to foreclosure.

With FAS' Avert, clients can mitigate potential fines and liens through proactive research and communication with municipalities, homeowner associations (HOAs), and other agencies.

In addition, the solution uses the application of property condition reports to preempt REO liability and support REO strategies in advance of acquisition.

Avert ensures compliance with requirements under the Protecting Tenants at Foreclosure Act (PTFA) with preemptive tenant continuation and response.

The solution leverages time, date, and GPS stamped photos, which deliver objective results to avoid repeat confirmation inspections.

Avert also relies on integrated property information reports like MLS data, valuation, and HOA information to help servicers jump-start loan modifications.

FAS says its Avert solution can assist servicers and loss mitigation departments from the very front end of the default process, beginning with the initial default inspection, with servicers designed to deliver value throughout the entire process.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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