""Stewart Lender Services"":http://www.stewart.com/LENDER-SERVICES has developed a boutique REO asset management and disposition solution for community banks.
[IMAGE]
The company says its approach can be sized for each individual lender and is designed to maximize the value of the bank's assets in the shortest amount of time.
Stewart explained that its solution uses a proactive approach to reduce a bank-owned property's days in REO, resulting in savings to the client both in terms of time and money.
Keys to achieving those results, the company says, is starting as early in the process as possible, in the pre-foreclosure stage; preserving the property up-front; maintaining the condition; and accurately valuing the asset from the onset.
""Community banks have very valid concerns about the disposition of bank-owned properties given current market conditions,"" said Michael Harris, SVP of Stewart Lender Services. ""Stewart's solution provides customers with assurance that all their assets are handled in the same high-quality manner.""
Stewart's approach combines a disciplined metric-management methodology with the ability to customize the process and strategy for each individual asset.
Harris also stressed that the company's vendor partners are required to adhere to standards ensuring they are up-to-date and in compliance with local laws and regulations regarding vacant properties.
Landon Smith, SVP of Stewart Lender Services' REO title division, says one thing that sets Stewart's solution apart is the company's practice of securing the title and resolving any outstanding issues early on in the disposition process â€" a strategy that can shave weeks off the disposition cycle.
""Stewart bucks the trend of most asset management companies that resist ordering title until a contract has been accepted,"" said Smith. ""Stewart orders title upfront and begins working on issues that could delay the closing. This greatly reduces the overall number of days an asset is on the market and on the bank's balance sheet.""
Harris adds that the company's ability to accurately determine the value of a property from the onset is a crucial component of the solution for community banks, which typically ""have a great deal of apprehension over value reconciliation"" when it comes to the appraisal approach vs. the direct sales comparison.
Stewart says its one-on-one communication with community-based lenders allow the company to fully understand each bank's individual requirements and tailor the solution to meet their specific needs.
Houston-based Stewart Lender Services is a wholly owned subsidiary of ""Stewart Title Company"":http://www.stewart.com.