Companies Form REO Asset Alliance

Five national companies in the mortgage and property management industry - Avalar Network, Inc., DDN Services, ECJ Asset Management, TrustTitle, and TT Lender Solutions - announced on Friday the formation of a ""strategic alliance"":http://www.ttlendersolutions.com/REO_Asset_Alliance.html to provide a one-source, cross-functional solution for lenders and investors to manage distressed real property loan assets.
Through this alliance, the companies offer clients a coordinated, one-stop shop for loss mitigation, REO asset management, real estate sales, property inspection and renovation, title, and settlement. According to a press statement from the companies, ""alliance members have the experience and capacity necessary to provide rapid, expert solutions"" for servicing managers, investors, and hedge fund professionals.
Tim Landwehr, SVP and national sales manager for alliance member TrustTitle, explained, ""There are thousands of REO and loan servicing managers who are struggling to keep pace with their distressed loan portfolio, as well as distressed property investors who are not getting an adequate level of service from their existing asset management companies. This collaboration offers clients an unparalleled level of expertise and streamlined service.""
Landwehr added, ""While some companies have chosen to broaden their scope of services to capture a greater share of market, this alliance unites service providers who have proven success in their fields and demonstrated capacity to meet clients’ needs.""
In their press statement, alliance members explained that the one-point-of-contact approach assures quicker turnaround, better accountability, and a more consistent level of service. Clients can outsource their entire REO-related portfolio to the alliance, or simply select the individual services they require to complement their in-house tasks. Through the alliance partnership, clients have the option of selecting a turnkey solution or crafting an individualized service to meet their asset acquisition, management, and/or disposition needs.
The ""REO Asset Alliance"":http://www.ttlendersolutions.com/REO_Asset_Alliance.html is comprised of the following companies:
- ""Avalar Network, Inc."":http://www.avalar.biz, headquartered in Las Vegas, Nevada, is a national network of real estate professionals with more than 160 offices across the United States. The firm operates the Better Homes Realty franchise network and has been recognized by the National Association of Realtors as one of the fastest growing real estate and mortgage franchises nationwide.
- ""DDN Services"":http://www.ddnservices.com/ is a national provider of specialized real property inspections and REO repair services. The Salt Lake City, Utah-based firm helps lenders and asset managers ensure an REO property is eligible for FHA financing. DDN completes repairs using its national fixed-rate pricing system to engage contractors, thus streamlining the bid and construction processes. On average the firm completes FHA assessments within 3-5 business days and repair construction within 2-3 weeks. DDN Services provides a lien-free guarantee and an independent final inspection, for accurate pricing and preparation of assets.
- ""ECJ Asset Management"":http://www.ecjassetmanagement.com/ uses strategic specialization, technology, and professional portfolio management to help banks, thrifts, credit unions, and mortgage servicers competitively manage their REO properties. The Las Vegas firm created its REO Asset Management business to help lenders and servicers better mitigate the high costs of non-performing loans.
- ""Trust Title"":http://trustitle.com/ is a ""new breed"" of title and settlement service provider for real estate closings and comprehensive loss mitigation solutions. The firm, based in Vienna, Virginia, conducts title searches and closes real estate settlements throughout the United States.
- ""TT Lender Solutions"":http://ttlendersolutions.com provides lenders with recovery solutions for their new construction and light commercial projects through its loss mitigation, distressed portfolio services, default and REO services, and integration with national title services. The staff at this Maitland, Florida-based servicing company has helped lenders turn more than $1 billion in non-performing, stalled, or defaulted projects into positive cash flow.