Tag Archives: Property Preservation

REO Allegiance, a national property preservation and eviction services firm headquartered, now offers custom smartphone applications for property preservation contractors. Field services contractors can view work orders, check company communications, submit updates and bids, take and upload photos, and complete and submit documents directly to REO Allegiance while in the field. Contractors can also navigate and plan routes.

Carrington Property Services, LLC, a residential asset management company, recently restructured its operations to increase its capabilities in residential asset management services, a move expected to benefit lenders and servicers. The company has realigned its operations into three primary divisions - rental, REO administration, and centralized services.

Asset management and loss mitigation provider Green River Capital is expanding its REO services to the commercial mortgage industry. The new services include the disposition of assets, property maintenance, lease verification, and property valuation. Focusing its commercial REO efforts on small balance properties, the firm will also handle evictions and repairs and offer full title services.

A2Z Field Services, an inspection and property preservation service provider headquartered in Ohio, announced the renewal of the company's three Field Services Management (FSM) contracts with HUD. The company provides property management services to HUD in 18 states and the District of Columbia and will continue to assist the federal agency with its bank-owned inventory over the next year.

First Guaranty Mortgage Corp. (FGMC) recently partnered with APD Solutions and Home Depot to launch an initiative aimed at accelerating the resale of REO properties and rebuilding the housing stock nationwide. Coined ""Rebuild the Dream,"" the initiative seeks to reduce the time cycle on the sale of bank-owned homes and improve sale prices by providing incentives to homebuyers and real estate selling agents to use rehabilitation loans to increase the value and appeal of REO properties.

In an effort to align and communicate with the vendor community, the REO property preservation firm Field Asset Services has formed a Vendor Advisory Council. This panel brings together field service providers from across the country and will provide the company with guidance regarding responsiveness, predictability, quality, turn times, bid response rates, and technology adoption.

Mortgage Contracting Services LLC (MCS) announced Tuesday the addition of Charles Mangan as assistant vice president of operations. Working out of the Dallas office, Mangan will oversee property preservation activity of the company's REO clients and contribute to MCS' overall strategy for preserving the country's communities while also minimizing servicers' risks and costs to do so, according to a statement from the firm.

Integrated Mortgage Solutions (IMS), a provider of property preservation and rehabilitation services to mortgage lenders and servicers, will offer a new remediation process for Chinese drywall, which releases dangerous sulfur compounds into the air, particularly in warm, moist environments. IMS' biochemical remediation process does not require the complete removal of existing wallboard. The on-location, ""in-situ"" process is completed in as little as one-third the time of traditional methods and reduces overall costs by up to 50 percent.

Germany's largest bank has been hit with its second lawsuit of the week related to the company's U.S. mortgage business. The city of Los Angeles has filed a civil law enforcement action against Deutsche Bank for allowing properties it has foreclosed on to fall into ""serious disrepair"" and for the alleged illegal eviction of hundreds of low-income tenants renting the foreclosed homes. The city attorney says Deutsche Bank has become one of the largest slumlords in Los Angeles.

In a move to increase vendor communication and provide higher quality services to customers, Field Asset Services, whose business is tailored to the REO industry, has announced several organizational changes. The company says the restructuring will allow FAS to bring greater efficiencies and savings to its clients, while increasing scalability, reducing turn-times, and solidifying long-term relationships with its vendor network.