LAMCO to Launch REO Liquidation System
Lenders Asset Management Corp. (LAMCO) formalized its system that manages and liquidates real estate-owned (REO) properties. LAMCO is a nationwide default management company that offers REO services. Designers have been developing the LAMCO REO Liquidation Management Process since 1989 to enable lending institutions, servicers, investment firms and insurance entities to scale operations and liquidate REO assets. Companies can turn around REO properties in half the time of the industry standard. LAMCOnetwork is the key to the process, connecting buyers and suppliers of REO services across the nation via the Internet. It also links lenders and servicers with real estate agents, lawyers, brokers, contractors and other vendors in a single database. The lenders and servicers use the network at no charge to identify vendors and manage their REO portfolio. The process also offers a quality management system for securing and reselling REO properties while following local and federal regulations. Write to Jon Prior.