Tag Archives: Property Preservation

A2Z Field Services, a provider of property inspection, preservation, and REO market-ready services nationwide, has announced the promotion of Amie Sparks to SVP of operations. Sparks is responsible for all aspects of national operations, including management of three HUD Field Services Management (FSM) contracts, which were awarded in June 2010 and renewed in June 2011.

Safeguard Properties announced the results of a diversity survey of its vendor network, showing that 33 percent of its contracted services in 2010 went to businesses owned by women, minorities, veterans and people with disabilities. Annual expenditures with these companies exceeded $153 million. Safeguard CEO Alan Jaffa made the announcement on Monday at the company's Eighth Annual Vendor Conference in Cleveland, attended by more than 1,500 vendors from across the country.

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Wednesday the addition of Anthony Calabrese as assistant vice president. Stationed in the company's Dallas office, Calabrese will focus his efforts on the operations and business development of MCS' pre-sale preservation services. Calabrese most recently was an operations manager at CoreLogic.

REO Allegiance, a national property preservation firm headquartered in Bayonne, New Jersey, announced this week that it has been chosen as a premier inspection service provider for Atlas REO Services which is based in California and provides customized REO management and disposition services for lenders and servicers. The new program goes well beyond the services traditionally offered by asset management firms, according to the two companies, and saves clients time and money by putting properties back on the market faster.

The Nevada legislature has set an October 1 effective date for a new law aimed at dissuading homeowners facing foreclosure from vandalizing the property. The law ""prohibits the destruction of real property that is subject to foreclosure with the intent to defraud."" A person who intentionally removes, conceals, or destroys any real property and causes the secured party or lender to suffer a financial loss as a result is guilty of a misdemeanor crime.

Stewart Lender Services has developed a boutique REO asset management and disposition solution for community banks. The company says its approach can be sized for each individual lender and is designed to maximize the value of the bank's assets in the shortest amount of time. One key to achieving those results, Stewart says, is starting as early in the process as possible, in the pre-foreclosure stage. That combined with accurately valuing the asset and securing the title from the onset can shave weeks off the disposition cycle.

Safeguard Properties, one of the largest privately held mortgage field services companies in the country, has announced four new appointments to its executive and management teams. Scott Wilson has been named to the newly created position of VP of property preservation. Amitha Rao now serves as director of enterprise information management. Dennis Hoye has taken on the role of corporate controller, and Adam Szczesniak has been appointed director of infrastructure services.

Econohomes, an online source for wholesale investment properties based out of Austin, Texas, is now offering fully renovated residential properties to its REO inventory. Econohomes says its renovated offerings fit the bill for owner-occupiers who don't want to have to deal with repairs and for investors looking for a home they can quickly rent out to generate positive cash flow. The company is actively exploring ways to expand its supply of renovated homes.

The Chicago City Council has passed a local statute that will make lenders liable for the upkeep of vacant homes even when the borrower still holds the title. The ordinance was approved unanimously by council members. It amends the definition of a ""property owner"" in the municipal code to include an entity who holds a mortgage on the property, which means lenders are liable for routine maintenance and repairs even prior to foreclosing and taking control of the title if the borrower abandons the home.

The Federal Trade Commission is mailing 450,177 refund checks worth almost $108 million to homeowners who were allegedly overcharged by subprime lender Countrywide. According to the FTC, homeowners who were in default were charged excessive and unlawful fees for services such as property inspections, lawn mowing, and other services meant to protect the lender's interest in the property. The agency alleges that Countrywide also added fees and escrow charges to the accounts of borrowers in bankruptcy without notice.