New Field Network Goes Easy on Borrowers to Boost Servicer Profits
Shari Nott, formerly the vice president of operations at First American and long-time executive in the property preservation industry, recently started National Field Network (NFN), a boutique field-servicing firm built to manage properties from default to disposition. Nott said NFN can reach out to the borrower with a “kid-glove” approach that increases the chances of a quicker resolution, whether that is a modified loan or liquidation of the property. The United States is now on par with other markets in terms of wringing better returns when cashing in troubled assets. The increased performance is a result of more attention from private investors wanting to buy-up the distressed properties. “The after-effect of the sub-prime blow up is that a new secondary market has emerged that seeks pools of distressed, below-value properties to rejuvenate and sell at a profit,” said Nott. “Because of National Field Network’ ability to customize workflow processes to the needs of the client, we cater to the very unique business goals of this secondary market.” In addition to her work at First American, Nott was the chief operating officer at Ward Associates and vice president of operations for Cenlar. At NFN, Nott assembled a team of managers with an average of 20 years experience in the industry. “The industry is fluid right now,” said Nott. “[B]usiness conditions are rapidly changing, insurance rules dictate certain actions in specific periods of times, and business objectives vary. The magnitude of assets to manage is just overwhelming and there is no ‘one-size-fits-all’ solution.” Write to Jon Prior.