New program determines FHA opportunities for current REO assets
HOUSTON (February 22, 2011) – Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, in conjunction with Spectrum Field Services, is now offering an FHA Lending Qualification Package. The package provides investors with a comprehensive analysis of options available for maximizing loss recovery for REO assets.
Today, the Federal Housing Administration (FHA) controls a large share of the market, with inventory growing rapidly. According to the Mortgage Bankers Association (MBA), FHA’s share of all loan originations is estimated from 30 to 50 percent of purchase mortgage applications in certain parts of the country.
With the FHA Qualification Package, investors can receive up-front validation for their vacant assets. The program will determine if the asset meets the minimum lending requirements for an FHA program, if the asset is eligible for a limited scope rehabilitation option or if the asset can be backed by FHA financing and sold as is.
“This package includes a full range of services for analyzing the property’s current status, rehabilitation costs and market expectations,” said Jason Nadeau, president of SLS. “It takes existing services and packages them into a sensible flow that will certainly accelerate the time to market the REO properties.”
About Stewart Lender Services
Stewart Lenders Services (SLS), a wholly owned subsidiary of Stewart Title Company, is a nationwide provider of centralized origination, loss mitigation and REO asset solutions for mortgage lenders and servicers. With more than a century of experience matched with the industry’s leading technologies, SLS helps lenders and servicers meet the rapidly changing demands of today’s market. SLS has the financial strength, industry knowledge and proven flexibility to perform throughout the lifecycle of a loan. More information can be found at http://www.stewartlenderservices.com.
Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.
About Spectrum Field Services
For nearly 25 years, Spectrum Field Services, Inc. has provided creative field inspection solutions for the financial services and real estate industries. Known for the quality of work and customer service, Spectrum offers specialized REO Preservation and Specialty Inspection services to address the unique needs of each client. Spectrum is the challenger of traditional, high volume, "one-size-fits-all" field service companies. More information can be found at http://www.spectrumfsi.com/.