Tag Archives: Property Preservation

Mortgage Contracting Services (MCS) announced Tuesday the availability of REO Check, an inspection service to assist servicers with ongoing, independent on-site assessments of their foreclosed inventory throughout the REO lifecycle. Whether done on a monthly, biweekly, or weekly basis, MCS' REO Check provides information about each property's overall interior and exterior condition, noting such things as the presence of any hazardous conditions or posting of code violations.

New Vista Asset Management has been approved by HUD to serve as a subcontractor to RiskSpan's oversight and review of the HUD Homes REO disposition program. RiskSpan selected New Vista to augment its team to support the HUD oversight contract activities, including review of the structure and content for key performance and process reports used to determine the effectiveness of HUD's third generation of Management and Marketing (M&M III) contractors.

Dallas-based 3Point Lender Services, a national property preservation, inspection, and repair and rehab company, has relocated its national headquarters to a larger facility in Addison, a Dallas suburb. The company says rapid growth and continued proximity to key clients was the driving force behind the move.

Safeguard Properties recently teamed with default servicing veteran Brandon Kirkham to launch Texas-based Compliance Connections. The newly formed company provides technology-assisted solutions and fulfillment services in the areas of code violation and compliance. Kirkham will serve as president of the new company.

The market's been flooded with REOs, and banks are struggling to get these properties off their books and back into the hands of responsible homeowners. According to Field Asset Services, the answer to moving these properties faster is simple - with some pretty standard repairs, such as fresh paint and updated appliances, the company's independent market study found that lenders can cut more than two-thirds off the length of the sales cycle.

FEI, a national provider of posting, publication, auction management, property preservation, and asset management services based in Washington, recently acquired RSVP, a national provider of similar services headquartered in California. Together, FEI and RSVP will offer foreclosure services including posting, service of process, and publication management that controls the production and placement of legal notices in 2,300 publications from coast to coast.

According to a report released Thursday by the Woodstock Institute, vacant homes in the city of Chicago are piling up and costing the city millions of dollars while bringing crime and blight to neighborhoods. According to the report, there were more than 18,000 properties on the city of Chicago's vacant buildings index as of September 2010. Vacant and abandoned properties can rapidly spiral into disrepair, affecting the values of neighboring properties and attracting criminal activity.

Cyprexx Services LLC has a new online look. The Florida-based default and REO field services firm has just launched a completely redesigned Web site and Web portal. The new layout offers improved navigation features and provides both clients and vendors an easier-to-read site. In addition to offering more information about new releases and updates to the company's technology platform, the new login panel provides users with special enhancements that include an improved property search page to return results faster.

HUD recently deployed a new risk management tool developed by Walzak Consulting Inc. for use in its Management and Marketing III (M&M III) program for HUD field service manager and asset manager contractors who oversee the maintenance and sales of foreclosed FHA homes. The model measures and tracks the performance of HUD's REO vendors in meeting and following the department's contractual requirements and operational procedures.

Field Asset Services (FAS) anticipates the field services industry to focus on advancing the vendor network and creating higher quality field service offerings in 2011. The company says with the decline of the housing market, the use of field services has become a core business practice for banks, servicers, and investors taking on the day-to-day maintenance and preservation of REO properties. With predictions that the REO inventory will grow in 2011, FAS says there will be greater reliance on third-party support to gain control over costs and risks.