Tag Archives: Property Preservation

Default servicing technologies are solving the most foreboding of challenges and revolutionizing the way business is conducted. From enabling process servers to validate their work straight from the field to standardizing background checks for property preservation vendors, today's solutions reinforce the mobile nature of the business and demonstrate a commitment to regulatory compliance and consumer protection.

Cityside Management Corporation opened its doors in Manchester, New Hampshire, back in 1998 with a single government contract in hand to manage housing units in five New York boroughs. Since then, it has developed into a large-scale, single-source real estate portfolio management services company that serves major markets coast-to-coast with five field offices throughout the United States.

Fitch Ratings has observed inconsistencies in the way servicers report losses in cases of principal forbearance. According to the agency, before 2010, pooling and servicing agreements did not require servicers to report forborne principal as losses. Nationstar Mortgage announced it is revising losses on loans with principal forbearances acquired in 2012 from Aurora Bank FSB and Aurora Loan Services.

Xactware, based in Orem, Utah, rolled out a new version of its repair cost estimator, XactPRM. The tool is a cloud-based application that assists with estimating and managing costs related to property preservation repairs.

Field Asset Services (FAS), a provider of pre-foreclosure, REO, and renovation field services to mortgage servicers and investors, announced the release of Flexible Mobile Survey, an add-on to the company's FAStrack Mobile platform. Flexible Mobile Survey assists field asset vendors by delivering a customized work order in the form of a survey directly to their smart phone.

Dawn O'Connor has just joined Energy REO Solutions as the company's president. In this role, she will manage and lead all operations from the company's headquarters in Minnesota. A 30-year veteran of the mortgage banking industry, O'Connor was previously VP of default operations for Nationstar Mortgage.

Hard-hit markets are aching for stabilization that only occupancy can remedy, Marlene Minemier, director of national portfolio management for Cityside Management Corporation, told colleagues at a recent industry conference. ""It is my belief that the emerging REO rental model is a viable, real-world solution allowing tenancy to be an attractive preservation technique,"" Minemier said as she presented her position during a panel discussion on rentals vs. traditional sales.

Safeguard Properties announced Monday that as of the start of October, its Compliance Connections division has processed more than 10,000 code violations for the 2012 calendar year and has grown its roster of participating municipalities to 600. Both milestones represent an annual growth rate of over 300 percent.

Mortgage Contracting Services LLC (MCS) commemorated the official opening of its newest facility in Ruston, Louisiana, this week with a ribbon-cutting event. MCS provides property preservation services, inspections, and REO property maintenance to mortgage servicers nationwide. The Ruston facility is the company's third.

Nearly 30 years after playing for the Detroit Lions, All Pro running back Billy Sims is ready to test his mettle in real estate. The 1978 Heisman Trophy winner announced that he has partnered with Detroit businessman David Chief Tomby to start a minority investment firm.