Austin, Texas, headquartered ""Field Asset Services"":http://www.fieldassets.com (FAS), a national provider of field services to the REO industry, recently launched ""Collateral Command"":http://fieldassets.com/collateral-command, a solution for property management services and support that offers lenders and servicers a single source for managing foreclosed and REO properties.[IMAGE]
Included within the Collateral Command suite is ""Utilities Management Service"":http://fieldassets.com/utilities-mgmt, which allows banks, servicers, and lenders to leverage FAS and its industry relationships to streamline day-to-day tasks.
""Servicers are faced with numerous challenges as they try to manage the abundance of REO properties or Ã¢â‚¬Ëœcollateral' under their control,"" said Dale McPherson, president and CEO of FAS.
McPherson explained, ""Collateral Command was created to simplify this daunting task by providing a single source from which to access the most important services needed to maintain a foreclosed or REO property. In addition, by integrating the use of advanced technology and support from FAS's experienced staff, we are able to continue our tradition of delivering these high-quality services at a fair, flat rate.""[COLUMN_BREAK]
According to a statement released by FAS, Collateral Command provides centralized coordination and management through FAS's work flow management system, FASConnect, eliminating the need for multiple vendors who work on separate servicing activities. The included Utilities Management provides banks with a single point-of-contact to oversee the management of the utility process.
""In preparation for launching the FAS Utility Management Service, we've been testing the offering with some of our customers over the past year,"" said Jim Pike, VP of Utilities for FAS. ""We're happy to report that during the testing phase we were able to successfully manage utilities for more than 76,000 properties, handle more than 325,000 bills, and manage 165,000 activations and 140,000 deactivations.""
In addition to Collateral Command's suite of services for REO portfolios, Utilities Management provides administration of multiple utility services at one time, creation of aggregate billing in high-volume locations, elimination of out-of-pocket advances by agents and attorneys, and reimbursement of agents and attorneys.
""There are numerous unoccupied properties in the market today,"" commented David Friedman, CEO of ""American Home Mortgage Servicing"":http://www.ahmsi3.com in Irving, Texas. ""Given the sheer volume, the competition to market and sell these properties is at an all-time high.""
Friedman added, ""Property preservation services, offered as an integrated solution, can make the difference and potentially remove the stigma associated with an REO and reduce the days on market for the property.""
FAS currently services more than $7.1 billion in residential assets on behalf of its 25 mortgage and asset management clients nationwide, servicing more than 94,000 active properties on a recurring basis.