LRES Deploys New REO Operating System

LRES, an Orange County, Calif.-based provider of residential and commercial valuations and asset management, has implemented a new REO operating model.

The company says the restructuring increases efficiency and accommodates the influx of new clients with portfolios of assets in various stages of the foreclosure process. An assembly line operational system was developed to enable task managers to handle each stage of the life of the property from beginning to end.

Previously, it employed the more traditional system whereby a single asset manager handled the entire servicing process, LRES notes. The new system adds several positions to the REO department structure, including a pre-marketing coordinator, marketing coordinator, listing coordinator and closing coordinator.

The restructured approach has allowed the department to handle additional REO inventory that facilitated 72% year-over-year growth – which is particularly significant considering the national decline in REO inventory, the company reports.


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