First American Offers Flat Fee on REO Service
First American Outsourcing and Technology Solutions is offering a flat-fee package for managing, maintaining and selling REO property, in what they say is a first for the industry. The business-outsourcing provider is a member of the First American Corp. (FAF). Depending on the mixture and prices of the assets in the portfolio, the fixed price on the referral fee could push down expenses even further, according to First American. Under the new program, First American offers a menu of field services including preparation and ongoing maintenance, securing the property within 24 hours of referral and registering a vacant property with the municipality. “Our new program gives default managers a more accurate way to budget, plan and strategically allocate their resources,” said Kevin Wall, vice president of operations at First American Outsourcing and Technology Solutions. “For a typical mix of properties in multiple markets, this new pricing structure will enable servicers to greatly reduce their overall REO expenses and improve their operational capacity.” Write to Jon Prior.