Titanium Solutions Jumps Into REO Space
Titanium Holdings appointed Cary Sternberg as president of its newly formed real estate-owned (REO) subsidiary Excellen REO. The full service REO asset management company offers services to mortgage companies across the nation. Sternberg will manage the strategic direction of the company. In November, Sternberg will begin hiring asset managers to start servicing in January 2010. The new recruits will develop a national network of real estate agents, which may expand to as many as 1,200 agents. Many will come from Titanium Solutions' housing retention consultants with past REO experience. Others will be required to pass two courses and will use the RES.NET software system. Sternberg was formerly the senior vice president of the REO department for American Home Loan Servicing, where he managed more than 200 employees and 33,000 assets. The expansion continues for Titanium Solutions, which at the end of September contracted with Freddie Mac (FRE) to travel from door to door of delinquent borrowers. The doorknockers were sent out to get missing information and documents necessary for the Home Affordable Modification Program. Write to Jon Prior.