In an effort to help the industry cope with the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA), Austin, Texas-based TenantAccess is offering a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing tier 1 banks, servicers, and asset managers relief from the property and tenant management responsibilities they have acquired as a result of this legislature.

This announcement follows the cease-and-desist letters ordered by Connecticut’s Attorney General Richard Blumenthal. As DSNews.com reported, these letters urged law firms, real estate companies, banks, and loan servicers to stop abrupt and illegal evictions. With a team of over 350 property managers nationwide, tested and proved processes, and state-of-the-art technology, TenantAccess said TPRP is mitigating the immediate and long-term challenges of managing tenant protection response programs.

A turn-key solution, TPRP minimizes the risks and hassles associated with property management, allowing servicers and asset managers to stay focuses on their primary business operations. By bringing together standardized procedures and controls with proven technology, TenantAccess is able to deliver exceptional service by overseeing every step of the process, including establishing and maintaining lease terms, managing and protecting the property, and improving future sales potential.

“As the soft market continues for the foreseeable future, banks, servicers, and asset managers don’t want the distractions or the incremental costs associated with their ‘instant landlord’ status,” said Paul Hayman, president of TenantAccess. “Cash for keys, short sales, and traditional REO are all options, but PTAFA means that being a landlord for some properties is inevitable.”

Based on the experiences of TenantAccess’ customers, Hayman said the company found that there is a lack of visibility to critical information about both tenants and properties to make data-driven decisions on a day-to-day basis. Given the potential financial, legal, and reputation-related risks, Hayman believes the need for real-time access to this information has been amplified. To provide for this need, TenantAccess now has the database to enable the critical analysis of its clients’ tenant-occupied portfolio impacted by PTAFA.

“The TenantAccess team has leveraged its experience in REO, property management, and leasing to develop a comprehensive process that ensures peace of mind, speed, and results,” Hayman said.