LRES unveiled Monday its new REO operating model which is designed to increase efficiency and accommodate the influx of new clients with portfolios of assets in various stages of the foreclosure process.
LRES is a national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries.
The operating model is an assembly line operational system that enables task managers to handle each stage of the life of the property from beginning to end.
Previously, LRES employed the more traditional system whereby a single asset manager handled the entire servicing process.
“Over the past year, our growth in REO volume can be attributed to the restructured model as well as to the performance of our asset management team exceeding the industry-established Key Performance Indicators (KPIs),” said Roger Beane, CEO of LRES. “Our modified approach has increased efficiency to better serve our new and existing clients. We anticipate continued growth in 2014 and look forward to developing strong client relationships in the REO space.”
The new system added several positions to the REO department structure, including a pre-marketing coordinator, marketing coordinator, listing coordinator and closing coordinator.
The restructured approach has allowed the department to handle additional REO inventory that facilitated 72% year-over-year growth. This is particularly significant considering the national decline in REO inventory.