Freddie Outsources REO Disposition Services
Real estate valuation services provider PCV Murcor said Tuesday its subsidiary renewed a service agreement with mortgage giant Freddie Mac (FRE). Under Vender Resource Management's (VRM) renewed agreement with Freddie's real-estate owned (REO) sales unit -- Freddie Mac HomeSteps -- it continues to provide loss mitigation and REO disposition services to one of the largest residential mortgage investors. The partnership provides Freddie with services designed to reduce an asset's time on the market while preserving value in the sales price. “PCV Murcor and VRM are committed to selling REOs at a price that maximizes recovery for our customers, while at the same time supporting home prices in some of the nation’s hardest-hit communities," PCV and VRM CEO Keith Murray said in a media statement. Chris Bowden, Freddie Mac HomeSteps' vice president, added in the statement that the companies share the joint goal of preserving larger communities through REO disposition and credit loss mitigation. VRM has provided the outsourced service to Freddie since 2006. Write to Diana Golobay. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.