""Carrington Property Services, LLC"":http://www.carringtonps.com/ and ""LendingXpress"":https://lendingxpress.swbc.com/main/, a platform from ""SWBC"":https://www.swbc.com/, formed an exclusive partnership to bring REO asset management services to smaller-scale financial institutions.[IMAGE]
As part of the agreement, LendingXpress will market Carrington's REO asset management solution to its customer base of credit unions and community banks.
The companies announced they will release REO asset management services developed with credit unions and community banks in mind during the second quarter of this year. This way, REO asset management needs of smaller institutions can be met.[COLUMN_BREAK]
""This arrangement directly supports the value proposition LendingXpress was based on Ã¢â‚¬" giving lenders a highly efficient, seamless method for accessing products and services designed to increase efficiency, reduce risk and offer a competitive advantage,"" said Ted Robinson, president of LendingXpress. ""We're thrilled to work with Carrington Property Services and to add REO asset management to our service offerings tailored to meet the needs of the financial community.""
The solution will begin by assessing the property to determine if it should be put out for rent or sold, and lenders will also receive assistance in determining whether or not repairs are needed. From their, California-based Carrington will handle rental or REO disposition needs.
""This strategic relationship with LendingXpress and SWBC will enable Carrington to expand its reach and extend its full continuum of services to the credit union and community banking market,"" said Steve Ozonian, chief real estate officer for Carrington. ""Blending Carrington's detailed knowledge of end-to-end REO workflow with SWBC's intimate understanding of what these financial institutions need will enable us to produce a solution specifically designed to maximize returns and minimize costs in a highly regulated environment for our business partners.""