REO Times

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MORTGAGE EXPERT
6 · 28 · 10

Several default service providers have upgraded their offerings to help servicers unload their real estate owned. In other REO activity, a subsidiary of the Federal Home Loan Mortgage Corp. was recognized as a top REO sales firm.

Freddie Mac reported that its HomeSteps real estate sales unit has been recognized as the top non-bank REO sales organization. The Dallas-based unit reportedly sold more than 65,000 REOs last year.

OfferSubmission.com claims its service ensures that lenders will receive all bids on REOs within one day of submission versus just 42 percent that are received without its service.

eFax has been integrated into StreamlineREO’s management system, a news release today indicated. The service, free to the company’s customers, stores un-printed fax images and automatically routes them. Since launching last year, StreamlineREO says its services have increased “exponentially the number of distressed real estate offers viewed, responded to and transacted.”

A new corporate facility in Colmar, Pa., was purchased by Keystone Asset Management Inc., an announcement this month said. The 15-year-old company expects the new home to increase the efficiency of its services, which include REO outsourcing and default management. The move was made in conjunction with a new branding campaign.

With its entry into Florida, Countdown To Buy is now in 19 states, the Bethel, Conn.-based company said in a June 8 statement. An existing client of the firm has listed Florida properties ranging from $111,000 to $174,000. The latest additions were on top of a new group of foreclosed properties in Maryland and Hawaii.

“Countdown To Buy’s online marketplace helps everyone get to decisions quicker by providing direct access to independently prepared valuation reports to help inform buyers and agents about the condition of an ‘as-is’ property that is in foreclosure,” Chief Executive Officer Jim Hodson said in the statement. “Our process also accelerates the sales cycle as prices reduce 1 percent per day until a sealed offer meets the daily price.”

In May, Countdown reported its entry into Georgia with the listing of recently foreclosed properties in 17 communities.

LenStar Plus was announced in May by ISGN Corp. The workflow solutions manages, automates and streamlines the default process from initial delinquency to REO disposition. The system adapts to current market conditions

Equator, a software provider that caters to default servicers, reported last month that 28,000 REOs are posted on its platform.

Mortgage Contracting Services LLC — which provides property inspections, property preservation and REO property maintenance — said last month that it has expanded in Dallas. A spokeswoman declined a request for more details.

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