LRES Implements New REO System of Operations
REO department undergoes restructuring initiative to accommodate growth
ORANGE, Calif.--(BUSINESS WIRE)--LRES, a national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries, announced its new REO operating model to increase efficiency and accommodate the influx of new clients with portfolios of assets in various stages of the foreclosure process.
“We have enjoyed working with LRES and appreciate the attention and responsiveness they offer our account”
An assembly line operational system was developed to enable task managers to handle each stage of the life of the property from beginning to end. Previously, LRES employed the more traditional system whereby a single asset manager handled the entire servicing process. The new system added several positions to the REO department structure, including a pre-marketing coordinator, marketing coordinator, listing coordinator and closing coordinator.
The restructured approach has allowed the department to handle additional REO inventory that facilitated 72 percent year-over-year growth. This is particularly significant considering the national decline in REO inventory.
“We have enjoyed working with LRES and appreciate the attention and responsiveness they offer our account,” said Mary Grace Anderson, loan servicer at Generation Mortgage.
“Over the past year, our growth in REO volume can be attributed to the restructured model as well as to the performance of our asset management team exceeding the industry-established Key Performance Indicators (KPIs),” said Roger Beane, CEO of LRES. “Our modified approach has increased efficiency to better serve our new and existing clients. We anticipate continued growth in 2014 and look forward to developing strong client relationships in the REO space.”
Orange County, Calif.-based LRES is a national residential and commercial financial services provider offering property valuations, asset management and technology solutions for clients. With more than 13 years of continued growth, LRES offers complete and customized solutions and managed business processes for the origination and default markets. For more information about LRES, visit its website at www.lres.com.