First American Introduces Flat-Fee REO Service

Posted by Orb Staff on March 04, 2010 No Comments
Categories : Mortgage Servicing

First American Outsourcing and Technology Solutions, a member of The First American Corporation family of companies, says it is offering the industry's first combined service package that provides a fixed cost for asset management and disposition, as well as property preservation on real estate owned (REO) property.

Under the new pricing structure, First American will offer a flat fee for managing and selling REO assets, as well as traditional field-service functions needed to prepare and maintain the properties. Depending on the mix and price of assets in the portfolio, the fixed price on the referral fee enables servicers to reduce their field-service expenses, the company says.

"Our new program gives default managers a more accurate way to budget, plan and strategically allocate their resources," says Kevin Wall, vice president of operations at First American Outsourcing and Technology Solutions.

Under the new program, First American will provide an array of traditional field services, such as preparation and ongoing maintenance, along with value-added offerings, such as securing the property within 24 hours of referral and vacant property registration with the local municipality. These services may be performed for a period of up to six months, depending on the client's needs.

SOURCE: First American Outsourcing and Technology Solutions

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