If you are planning for REO outsourcing and wondering which offshoring firm would be able to address your requirements while offering the most apt solutions, it is vital to mull over a few important points. REO asset management is a crucial task, and therefore requires extensive decision making before outsourcing it. This post gives an insight about the 3 key decisions which you need to make prior to choosing an external vendor for REO services.
Understand Whether Your Chosen Outsourcing Partner Is Capable Enough
REO asset management is a complicated task which cannot be handled by a loan servicing employee or a firm with little real estate experience. It needs a great amount of skill and a seasoned team as outsourcing REO is a proven risk mitigation strategy which should be handed over to experienced personnel. Selling the distressed assets back to the market can be quite difficult, but there are a few loan types which make it even tougher. Thus, when you are selecting an REO service provider, ensure that the person or the company possesses the right capabilities.
Understand Whether Your Partner Provides Complete Coverage Across Your Loan Portfolio or Not
It is very important that when you outsource your REO tasks, you ensure that the chosen person or offshoring organization is competent enough and provides complete coverage across your loan portfolio. Most servicers lack in having a suitably wide nationwide network of vendors and real estate sales people who can be leveraged for efficient disposal of the REO assets. Thus, they need an REO service provider who can provide the required support in HOA monitoring, property preservation, valuation services, fee settlement, and other realtor services. As a result, it is imperative that you evaluate the capabilities of the REO service provider in order to ensure that they can efficiently meet your requisites.
Understand Whether Your Partner Provides Comprehensive Vendor Management Services or Not
Most services, when trying to dispose of their REO assets face difficulty pertaining to third party claims arising from the repair activities and property preservation prior to the selling of the assets. An experienced and proficient REO asset management service provider will possess string vendor management processes which can in turn protect the investor and servicer from such claims. A seasoned vendor management program using the contemporary tools such as vendor scorecards enforce compliance, ensure proper staffing and finally speed up the process of asset disposition while significantly reducing the number of days the property stays in the market unsold, as this reduces the overall cost.
When you hire the right partner, they deploy their nationwide network of seasoned third-party vendors to get the REO property quickly ready for sale and back into the real estate market in a compliant manner.
Flatworld Solutions is amongst the world’s top-notch firms when it comes to offering a world-class array of REO outsourcing services to its clients. With services including REO administrative services, REO billing & reimbursement services, REO valuation solutions, REO Agent Bank sign-up etc., we offer one of the widest arrays of REO solutions. To know more about our offerings or to get your queries answered, leave a comment in the below given box and our executives will contact you.
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