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First American Outsourcing and Technology Solutions, Dallas, is offering a combined service package that provides a fixed cost for asset management and disposition as well as property preservation on real estate owned 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 even further.
"Our new program gives default managers a more accurate way to budget, plan and strategically allocate their resources," said Kevin Wall, company vice president of operations.
"For a typical mix of properties in multiple markets, this new pricing structure will enable servicers to greatly reduce their overall REO expenses and improve their operational capacity."
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...