Field Asset Services
launched its new inspection services platform that will help banks move through huge REO inventories by "eliminating subjectivity" and providing more accurate results of the occupancy and condition of a property.
As the entire mortgage industry grapples with record levels of REO
, companies that provide field services are growing. These firms keep the property in good shape for the potential resale that the banks and real estate agents depend upon.
"The ability to maintain high level of quality in light of the volume of REO and foreclosed properties has presented some unique challenges for the industry," according to FAS President Dale McPherson. "FAS fine-tuned the sometimes subjective and uncertain process of inspections to provide banks, servicers and lenders a foo-proof service enabling an even higher level of quality control resulting in quicker turn times."
At the MBA Servicing Conference and Expo in Grapevine, Texas, the company also announced an agreement with Stewart Lender Services
to provide an asset management and disposition plan that usually takes seven days. The default-servicing outsourcers said the combined product includes inspection, preservation, utilities management, valuation, marketing strategy, title search and closing for a flat fee.
FAS is a unit of FirstService Corp. (FSRV)
and Stewart Lender Services is part of Stewart Information Services Corp. (STC)
Write to Jason Philyaw