Carrington Property Services and LendingXpress Team Up to Bring Enhanced REO Asset Management Capabilities to Credit Unions and Community Banks
New Approach to Managing REO Inventories Based on Best Practices of Major Lenders
SANTA ANA, CA and SAN ANTONIO, TX (MARCH 27, 2013) – Carrington Property Services, LLC (Carrington) and LendingXpress®, an SWBC company, today announced an exclusive cross-marketing agreement focused on providing credit unions and community banks with a comprehensive suite of 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.”
LendingXpress is a Southwest Business Corporation (SWBC) company headquartered in San Antonio, TX. As a diversified financial services company, SWBC provides a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals nationwide. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states.
With the LendingXpress platform, SWBC now also offers a highly efficient method of ordering products and services needed to quickly and profitably process mortgage and equity loans. For more information, click here.
About Carrington Property Services (CPS)
Carrington Property Services, LLC is a national asset management company specializing in the assessment, management, rental and disposition of residential properties, with a focus in bank-owned properties. The company helps mortgage lenders, banks, credit unions, loan servicing companies and investors maximize the value of their single family residential real estate assets. Carrington Property Services is an indirect subsidiary of Carrington Holding Company, LLC and affiliated with an equal housing opportunity lender.
Carrington Property Services has grown its residential asset management capabilities since 2007, using skilled management and staff and significant investments in technology, with a strict focus on appropriate strategies for each individual asset. To learn more about Carrington Property Services, visit www.carringtonps.com.
About Carrington Holding Company
Carrington Holding Company, LLC owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions – investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, and title and escrow services.
With more than three decades of experience and guided by a consistent philosophy, Carrington has built the infrastructure necessary to maximize value during any market cycle. Its affiliate companies include Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Atlantic & Pacific Real Estate, LLC, White Van Real Estate Services, L.P., Telsi Escrow, Inc., and Telsi Real Estate Solutions, LLC and Carrington Technology Solutions, LLC. Carrington Mortgage Services, LLC is an equal housing opportunity lender. To learn more about Carrington Holding Company, visit our website at www.carringtonhc.com.