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Carrington Property Services Realigns Asset Management Operations

California-based ""Carrington Property Services"":http://www.carringtonps.com (CPS), LLC, a residential asset management company, recently restructured its operations to increase its capabilities in residential asset management services, a move expected to benefit lenders and servicers.


The company has realigned its operations into three primary divisions - rental, REO administration, and centralized services.

""The new structure brings enhanced capabilities in a broad range of solutions for helping our clients manage their residential property portfolios,"" said Steve Ozonian, chief real estate officer of Carrington Holding Company.

""Since each property has its own individual characteristics, our clients have expressed the desire to use multiple strategies simultaneously - ranging from rental to REO and short sale management - with a single point of contact for vendor management. The reorganization makes that happen with ease and transparency,"" Ozonian explained.

The rental division provides programs that manage properties in 34 states in compliance with the Protecting Tenants in Foreclosure Act, investor profitability guidelines, tenant rights, and state-specific requirements.


The REO administration division offers asset management, property preservation, and REO broker capabilities with a scalable national infrastructure.

The centralized services division supports the operations of the rental and REO administration business units, ensuring consistency, oversight, and quality control in property assessment, valuation process, property preservation, invoicing, and financial accounting and results, the company explained.

""Carrington Property Services now offers even more effective ways to use all the strategies available,"" Ozonian said. ""For the first time, lenders and servicers have a one-stop capability to manage all aspects of the asset management life cycle.""

CPS also announced the addition of the Nevada and Northern California regions to its existing coverage areas, which increases the company's responsibility as a primary provider for the Fannie Mae Tenant-in-Place (TIP) rental program.

The GSE's TIP program provides existing tenants at the time of foreclosure with the opportunity to remain in the property by executing a new lease or by remaining under an existing lease, pursuant to the Protecting Tenants at Foreclosure Act of 2009 (PTFA).

CPS is also the primary provider for 12 other states, including Texas and Illinois, and maintains secondary coverage in an additional 18 states. CPS has managed thousands of foreclosed properties since 2009 and enabled Fannie Mae to keep more than 4,000 tenants in their homes.

""The success of our efforts has enabled us to expand our coverage throughout the country,"" said Renee Deane, SVP for CPS. ""The most recent expansion for [Fannie Mae] will help us to continue to increase our market presence as we refine our processes and assure the greatest quality of management available for our tenants.""

About Author: Heather Cernoch


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