Irvine, California-based ""real estate auction"":http://www.auction.com company ""Real Estate Disposition Corporation"":http://www.redcgroup.com (REDC) announced on Thursday the launch of a new division: REDC Default Solutions. The new business group will focus on loss mitigation, REO asset management, and asset valuation for lenders and financial institutions.
Leading the division as president is mortgage servicing industry veteran Jason Allnutt, who most recently held the post of VP of credit loss management at Fannie Mae. Matt Slonaker, who also has extensive experience in all areas of default servicing, comes from EMC Mortgage and joins the division as SVP.
Jeffrey Frieden, CEO of REDC, said the company was ""thrilled"" to add Allnutt and Slonaker to its management team. ""Jason and Matt both have shown great leadership as managers in the mortgage servicing space. I am confident they will turn REDC Default Solutions into a national player in the mortgage service industry.""
Allnutt commented, ""Jeff Frieden, Rob Friedman [REDC's chairman], and everyone at REDC are the clear leaders in the auction space. I plan to recreate that success in the default services arena.""
Allnutt added that the industry is currently facing one of the most challenging times it has ever encountered - challenges that he is intimately mindful of given his past experience. ""REDC Default Solutions will tailor our services to the direct needs of lenders, borrowers, and markets,"" Allnutt said. ""Our mission will be to reduce loss for lenders, help owners keep their homes, and ‘turn houses into homes’ for new buyers.""