Read this and more at www.preservationmonthly.com- Further expands ability to provide lending institutions with comprehensive asset management capabilities throughout 2010 -Lenders Asset Management Corporation (LAMCO), a full-service, nationwide default asset management company that offers comprehensive REO services, announced the development of its REO Services Scalability Initiative, the company’s approach to prepare for the mortgage industry’s high volume of foreclosures that are expected to occur throughout 2010.The program involves providing ongoing training to existing staff, hiring new personnel, completing the expansion of its current office space, setting up additional facilities to further accommodate its national coverage and continuing to build up its nationwide network of approximately 25,000 vendors providing REO services.This initiative enables LAMCO to manage its staff and REO vendors in order to achieve maximum levels of performance and collectively leverage skill sets to cost-effectively scale up REO operations to support its current client growth and new customers. This system also ensures data security and full compliance with local and national regulations.“Currently there are approximately 7 million homes in default, that are known as the mortgage industry’s ‘shadow inventory’ of at-risk properties, and when the mortgage resets start hitting in the coming months, the industry can expect many of these homes to go into foreclosure,” said Brandon J. Hawkes, CEO of LAMCO. “In preparation for the anticipated spike in foreclosures, LAMCO has launched our REO Services Scalability Initiative to structure, organize and plan for the expected influx of homes that will face foreclosure and efficiently scale operations to maintain the properties and identify new homebuyers as quickly as possible.”
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