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 pre-foreclosure process; preserving the property upfront; maintaining the condition; and accurately valuing the asset from the onset, Stewart reduces a bank-owned property’s days in real estate-owned (REO) status to save its clients time and money. Stewart’s 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 (SLS). “Stewart’s solution provides customers with assurance that all their assets are handled in the same high-quality manner. Additionally, we ensure that all vendor partners are up to date and in compliance with local laws and regulations regarding vacant properties.”
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.”