Carrington Property Services reorganizes into specialty servicing divisions
Carrington Property Services, a residential asset management company, restructured operations to put greater focus on each of the lender services it offers. The reorganization split the Santa Ana, Calif.-based company into three new divisions. "Since each property has its own individual characteristics, our clients have expressed the desire to use multiple strategies simultaneously — ranging from rental to REO and short sale management — with a single point of contact for vendor management," according to Steve Ozonian, chief real estate officer of Carrington Holding Co., the parent company of CPS. "The reorganization makes that happen with ease and transparency." The rental division provides programs to lenders for quality control on rental assets, including property, tenant and property manager tracking. CPS also has management systems for organizing rents, security deposits and vendors. Carrington oversees rental properties in 34 states. The firm's REO administration division deals with all asset management, property preservation and REO broker functions by leveraging internal monitoring and reporting systems, CPS said. The third branch of service is the centralized services division, which regulates the other two divisions of operation. Centralized services ensures consistency, oversight and quality control in property assessments, valuations, property preservation, invoicing and financial accounting carried out by the previous two divisions. CPS has managed the disposition of more than 17,000 properties since the company was founded in 2006. CPS also manages a rental portfolio of nearly 4,000 homes nationwide. Write to Christine Ricciardi.