Property Default Solutions, Inc. offers complete REO services
Online, August 12, 2010 (Newswire.com) - According to Morgan Stanley it will now take 47 months to move through the current shadow inventory of homes with delinquent mortgages, and to move through the volume of properties that are in the foreclosure process, it will take almost four years.
This has resulted in the rise of REO firms like Property Default Solutions Inc (PDS) which is a one-stop shop working like a Swiss watch. They do everything from asset management to close. All you need to do is input a foreclosure and this firm will take care of the rest. PDS has developed several new technology platforms in order to adapt to the rapid grwth and change. One such solution is their proprietary REO Listing Sentry.
The marketplace is moving fast. Regulations are moving quickly and changing, the industry is responding to match their processes to the regulations. REO firms have to be flexible with these dramatic shifts in time lines. Fast and efficient platforms are only as effective as they are pliable in this market filled with ever-arising expectations and constraints. In addition to technological advances, REO firms today must have an experienced and trained network of local agents/brokers to be their eyes and ears on the ground.
Asset management firms and lenders are tempering how they filter that shadow inventory onto the market and the numbers are not exactly predictable for brokers, analysts or for even some within the banks. It was recently estimated at Royal Bank of Scotland that 2.7 million U.S. properties were 90 days or more delinquent or in the process of foreclosure. When the Morgan Stanley report was released on the shadow inventory in May, the number was closer to 7.5 million.
Lenders are asking shops to offer more services along this REO chain. But it all depends on how the servicer or asset manager is structured. Many servicers, for example, are looking for an end-to-end solution which allows the simplest implementation from a vendor management perspective. Some have developed sound processes around particular functions and may only seek specific a la carte outsourcing solutions. Property Default Solutions is meeting demand for "one-stop: REO shops as well. It offers a bevvy of options to clients from property preservation to asset management.
It really comes down to experience and results. But the real key is for servicers to take an honest look at what the most effective solution is for them. The REO industry is almost a coral reef of different companies of multiple colors and sizes. And while it's a unique industry with the ability to grow during recessions while others sputter, those seduced into complacency could be gobbled up or worse ignored as these larger companies divide and conquer. For more information about the REO services provided by Property Default Solutions, visit their website at: www.PropertyDefaultSolutions.com or email at Info@PDS24-7.com