Skip to main content

Carrington Property Services Partners With LendingXpress on REO Services

NationalMortgageProfessional.com
Mar 27, 2013

Carrington Property Services LLC and LendingXpress, an SWBC company, have announced an exclusive cross-marketing agreement focused on providing credit unions and community banks with a comprehensive suite of real estate-owned (REO) asset management services designed to reduce costs and maximize returns. Through this strategic relationship, LendingXpress will market Carrington’s integrated, end-to-end REO asset management solution to its customer base, offering credit unions and community banks the proven, best-in-class capabilities previously reserved for large-scale financial institutions. While credit unions and community banks have traditionally held smaller inventories of REO properties than major national banks, the complexities associated with the day-to-day management and servicing of those assets can be just as challenging. To meet the needs of these smaller-scale financial institutions and to support an industry-wide enhancement of REO asset management, Carrington and LendingXpress plan to roll out REO asset management services optimized for credit unions and community banks in the second quarter of this year. “This arrangement directly supports the value proposition LendingXpress was based on – giving lenders a highly efficient, seamless method for accessing products and services designed to increase efficiency, reduce risk and offer a competitive advantage,” said LendingXpress President Ted Robinson. “We’re thrilled to work with Carrington Property Services and to add REO asset management to our service offerings tailored to meet the needs of the financial community.” Carrington’s integrated solution begins with an assessment of the property, which helps the lender determine whether to rent or sell the asset, and whether or not repairs are warranted. From that point, in compliance with applicable federal, state and local laws, Carrington handles occupant resolution, property repairs, and either rental management or the marketing and disposition of the REO properties – all through a central point of contact on a single operating platform, and executed on a local level by the company’s national network of real estate and property management professionals. LendingXpress will integrate this full range of capabilities within its existing offering of third-party products and services dedicated to meeting the needs of financial institutions. “This strategic relationship with LendingXpress and SWBC will enable Carrington to expand its reach and extend its full continuum of services to the credit union and community banking market,” said Steve Ozonian, chief real estate officer for Carrington Holding Company, LLC. “Blending Carrington’s detailed knowledge of end-to-end REO workflow with SWBC’s intimate understanding of what these financial institutions need will enable us to produce a solution specifically designed to maximize returns and minimize costs in a highly regulated environment for our business partners. This is one of those instances where combining the distinct strengths of two industry leaders creates not only a mutually-beneficial relationship between the two, but a win for our business partners and combined customer base.”
Published
Mar 27, 2013