Skip to main content

United Bank Selects Default Resource for REO Property Management

Jul 20, 2011

Default Resource, a provider of default management, valuation, and loss mitigation services, has announced that Barnesville, Ga.-based United Bank has chosen Default Resource to manage its expanding portfolio of real-estate-owned (REO) properties. Default Resource will be handling a large percentage of the REO portfolio for United Bank through Executive Asset Management, its affiliate for managing default assets. Under an agreement between both companies, Executive Asset Management will manage United Bank’s properties, enabling the bank to reduce its fixed costs, while enhancing net proceeds from the sale of its real estate-owned (REO) properties. Services provided by Default Resource/Executive Asset Management include property preservation, marketing, valuation, contract negotiation, title, settlement and closing services. “When it comes to managing bank-owned real estate, Default Resource and Executive Asset Management provide unparalleled service and delivery,” said Scott Swafford, United Bank’s director of special assets. “We were impressed with their reputation and their ability to execute across multiple service offerings, such as property preservation, closing and training services. They are a trusted advisor and we look forward to a long working relationship together.” United Bank received approval from the Federal Deposit Insurance Corporation (FDIC) to acquire a number of failed banks in the southeastern United States in recent years. The bank’s assets have recently surpassed $1 billion. “As the real estate market continues to struggle, we are pleased to be working with dynamic institutions like United Bank,” said James H. Zeldin, executive vice president of Default Resource. “Regardless of property type, we designed multiple, customized disposition strategies aimed to maximize asset proceeds and reduce losses.”
About the author
Jul 20, 2011
Condo Prices, Sales Falling In Florida

New regulations and rising insurance costs hold back buyers in six major metros.

Feb 26, 2024
Buyer Beware

Unpriced climate risk the housing market’s bubble in the bloodstream.

Feb 26, 2024
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024