Press release from Business Wire
Stewart Lender Services offers REO Services for Community Banks
Wednesday, August 03, 2011
HOUSTON (Business Wire) -- Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, has developed a boutique asset management and disposition solution for community banks. The focus is maximizing the value of each bank's assets in the shortest amount of time.
By using a proactive approach, starting as early in the process as possible (pre-foreclosure); preserving the property up-front; maintaining the condition; and accurately valuing the asset from the onset, Stewart reduces a bank-owned property's days in REO to save its clients' time and money. Stewart's unique approach combines a disciplined metric-management methodology with the ability to customize the process and strategy for each individual asset.
“Community banks have very valid concerns about the disposition of bank-owned properties given current market conditions,” said Michael Harris, senior vice president of Stewart Lender Services. “Stewart's solution provides customers with assurance that all their assets are handled in the same high-quality manner.”
“Additionally,” said Harris, “we ensure that all vendor partners are up to date and in compliance with local laws and regulations regarding vacant properties.”
“Stewart bucks the trend of most asset management companies that resist ordering title until a contract has been accepted,” said Landon Smith, senior vice president of Stewart Lender Services REO title division. “Stewart orders title upfront and begins working on issues that could delay the closing. This greatly reduces the overall number of days an asset is on the market and on the bank's balance sheet.”
In addition, building relationships through one-on-one communication to fully understand each community bank's individual requirements helps Stewart to tailor its processes to meet the specific needs of each customer.
“Community banks have a great deal of apprehension over value reconciliation,” said Harris. “Determining the value of an REO property is critical. Most clients still rely on the appraisal ‘cost' approach vs. the direct sales comparison, i.e. ‘market' approach of a Broker Price Opinion (BPO). We value a property accurately from the onset to save time and money for our client.”
About Stewart Lender Services
Stewart Lenders Services (SLS), a wholly owned subsidiary of Stewart Title Company, is a nationwide provider of centralized origination, loss mitigation and REO asset solutions for mortgage lenders and servicers. With more than a century of experience matched with the industry's leading technologies, SLS helps lenders and servicers meet the rapidly changing demands of today's market. SLS has the financial strength, industry knowledge and proven flexibility to perform throughout the lifecycle of a loan. More information can be found at http://www.stewartlenderservices.com.
Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE:STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com, or by visiting the Stewart blog at http://blog.stewart.com, following Stewart on Twitter @stewarttitleco, becoming a member of the Stewart Title group on LinkedIn, or liking Stewart on Facebook at http://www.facebook.com/StewartTitleCo.
All trademarks are the property of their respective owners.
Stewart Information Services Corp.
Ted C. Jones, (713) 625-8014