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""Stewart Lender Services"":http://www.stewart.com/lender-services (SLS) added Rental Management Solutions to its list of services to assist those in the mortgage industry with managing rental properties.
""Rental Management Solutions is a win-win for all,"" said Ken Blevins, CEO of PMH Financial, a Stewart company. ""It addresses pending government programs, offers a compliant rental solution to expediently place qualified renters into vacant homes, helps to alleviate the overhead of managing vacant REO properties, and aids in restoring communities heavily hit by the mortgage crisis.""
[IMAGE] [COLUMN_BREAK]On February 1, the Federal Housing Finance Agency (FHFA) announced an REO initiative that will allow qualified investors to purchase a pool of foreclosed properties with the purpose of renting them out for a specified number of years. The effort was introduced to offer relief for markets depressed by the number of foreclosed properties.
Jason Nadeau, president of SLS, stated that the REO rental management program is a natural transition since the REO asset management division, PMH Financial, has been a leader in managing real estate assets for years now.
""With our REO property management expertise, REO marketing savvy, and knowledge of the local markets, we are able to quickly deploy rental solutions both in overseeing our clients' existing REO portfolios, as well as with their new REO assets,"" said Nadeau .
According to financial filings at the close of the third quarter 2011, there were more than 220,000 foreclosed and REO properties held by HUD, Fannie Mae, and Freddie Mac combined. These numbers do not include shadow inventory.
