Date published: November 1, 2010
Integrated Mortgage Solutions (IMS), Houston, a collateral-protection resource for the mortgage servicing industry and the only woman-owned firm offering a seamless suite of secure, integrated services for the management of distressed portfolios, has announced the availability of its end-to-end REO Broker Back Office solution.
According to Irvine, California-based RealtyTrac Inc., one in every 381 homes received a foreclosure filing as of August 2010, with more than 2,000,000 homes currently in foreclosure. With more homes destined for REO status, IMS helps REO brokers costeffectively manage all administrative functions, such as paying the utilities and homeowners associations dues, as well as performing inspection and preservation work. By outsourcing back-office functions, REO brokers eliminate hiring additional staff to handle clerical functions.
"REO brokers are facing a mounting increase of properties and duties," said Cheryl Lang, president and chief executive officer of IMS. "Through our national network of more than 8,500 field service professionals and licensed contractors, IMS ensures that brokers quickly receive bids and expert completion of repairs in a minimum amount of time. Our goal in offering this solution is to enable brokers to focus on their core competency - listing and selling REO properties."
Preservation and rehabilitation work is 100 percent quality-control-checked by IMS asset management staff to guarantee satisfaction and completion. The use of local licensed and certified contractors eliminates contractor fraud and overcharging on repairs. Brokers benefit from enhanced operational and management reporting, accelerated time between approval and completion of repairs, consistent and accurate tracking of repair status and the elimination of code violations. As part of the service, IMS will perform vacant property registrations and individual property status reporting online 24/7.