Vectra Field Services
The approach Vectra Field Services takes with clients is less like a vendor and more like a consultant. The company embraces a boutique model that first considers the client’s objectives and then develops custom solutions and services around those goals.
“To optimize return, each asset requires a unique approach. As such, we provide the imperative data required to formulate a strategy, then seamlessly implement that strategy when required,” said Vectra President Brice Bishop.
This philosophy is supported through Vectra’s technology, processes and product development platforms which are fully capable of rapid development and deployment of customized solutions within a matter of days, rather than weeks or even months, Bishop said.
This year, Vectra launched RepairSmart BPO™, an innovative valuation solution that aggregates and analyzes data from multiple sources including qualified home inspectors, software validated repair costs and local market agents to provide detailed information on the best disposition strategy for the asset. Typically investors and servicers would have to gather the data from various sources and attempt to reconcile it on their own.
“Innovation is central to our culture. As the housing market continues to recover and the volume of transactions in the default market compress, it is important to provide our clients with relevant tools that maximize profitability and address the changing atmosphere,” Bishop said.
The company applies the same innovation lens to its processes, where it looks to get accurate, compliant results faster. It does this by applying sophisticated technology and risk management measures throughout the order process, thereby micro-managing production while still macro-managing its employee and vendor network.
“We believe in hiring innovative and passionate people who reflect our culture and then grant them the authority to make sound business decisions to improve our processes. As a result, we consistently meet or exceed client expectations.”
Vectra utilizes thousands of vendors across the country every month, and as with any field servicing company, the actions of those vendors are paramount to the company’s success.
“We take the quality, timeliness and compliance standards of our vendors very seriously,” Bishop said.
Prior to contracting, vendors have to pass Vectra’s stringent field competency test, then undergo vendor background checks, licensing, and work history reviews. Vendors must also complete a robust training program on Vectra’s proprietary training portal and pass exams on each servicing area.
“Before becoming an approved partner, a vendor has to make an initial investment of several hours,” Bishop said. “We want them to prove to us that they fully understand our expectations and the expectations of our clients.”
Vectra’s quality control process includes a “relentless” QC processing team that reviews all completed orders and issues monthly vendor and client scorecards. A processing director compiles the data from the reviews and identifies common mistakes, which are then used to develop new training courses.
An example is Vectra’s field photography course. “Photos are what clients use to validate data in the inspection and valuation reports,” Bishop said. “If they don’t have proper photos to accurately depict conditions, they might question the integrity of the data within the report.”
Vectra is actively pursuing diversification opportunities, and is helping investors with seamless, end-to-end solutions for the entire disposition and REO cycle through its parent company National Real Estate Solutions.
“The next generation of field servicers is really going to be a collaboration of partnerships with companies working together to drive innovative solutions and products that improve the process.”