REO servicers get new management tool
A mobile tool allowing real estate agents to manage foreclosed properties on the go was introduced on Tuesday. The app, called REOConnex, is designed to allow agents to search and view all their properties, store associated photos and details, and manage tasks related to the properties. It’s available in Apple's AppStore and was released by West Valley, Utah-based Green River Capital, a provider of asset management for real estate-owned properties and short sale and rental program management. The company has a database of about 15,000 agents. Although processing problems prompted servicers to delay up to 1 million foreclosure actions this year, lenders still issued foreclosure filings on more than 1.1 million properties in the first half of 2011, according to data from RealtyTrac. The high volume of distressed properties has created business opportunities for servicers able to handle REO inventory. Green River is one of three contractors tapped by Freddie Mac to handle real estate owned properties through its HomeSteps real estate sales unit, which acquires distressed properties and sells them to homeowners and investors. The others are Vendor Resource Management and Atlas REO Services. Freddie Mac’s REO inventory has surged over the past few years, peaking at about 75,000 in the third quarter of 2010. The company’s REO inventory fell to 60,618 properties at the end of the second quarter, down from 65,174 in the first quarter, as delays in the foreclosure process slowed the pace of acquisitions. Write to Liz Enochs.