Sorrento Capital, a private asset management firm with a portfolio of businesses serving institutional customers across the mortgage and real estate industry, has announced its expansion into the real estate-owned (REO) management and liquidation market through its re-launch of REO.com, a new online consumer marketplace for buying and selling distressed properties.
REO.com, which leverages Sorrento's relationships with top servicers, government-sponsored enterprises (GSEs) and private mortgage insurers, facilitates an easy process for buyers to bid on short sale and bank owned properties. REO.com uses a proprietary offer management technology used by real estate auction and short sale outsourcer Zetabid, of which Sorrento Capital is a majority shareholder. This technology has been used to successfully auction thousands of distressed properties.
In acknowledgement of the importance and value of real estate agents as a core component of a successful distressed real estate transaction, Sorrento Capital is partnering with leading real estate companies that include two of the largest residential real estate brokerages in the country. Sorrento Capital has also established relationships with two nationally known media companies to help consumers become aware to their options and to drive traffic to the REO.com Web site.
"With the combination of MOS Group's success and Sorrento's other operating companies, it's a natural progression to expand into REO management," said Robert Knohl, chief executive officer of Sorrento Capital. "Sorrento's full suite of asset management solutions is utilizing its expertise, experience and knowledge to provide a solution lacking in the industry: a compassionate yet efficient end-to-end liquidation process for distressed properties and the affected homeowners."
Through its suite of companies, Sorrento Capital has access to a significant and deep data set of nonperforming borrowers in various stages from early default to liquidated assets. This information allows Sorrento Capital clients to view performance and forecast workout strategies.
Sorrento Capital's subsidiaries include:
►MOS Group, a component servicer and one of the industry leader in providing services for the government's HAMP (Home Affordable Modification Program) and HAFA (Home Affordable Foreclosure Alternatives) program;
►Consumer Outreach, a direct to consumer company that helps borrowers determine government and lender programs for which they may be qualified;
InformationLogix, a provider of decision management workflow solutions to Fortune 50 financial services companies.
►Zetabid, a real estate foreclosure, auction and short sale outsourcing company in which Sorrento Capital holds a majority interest in.
For more information, visit www.SorrentoCapital.com.
