Given new financial, legal and reputational risks, banks and servicers' need for real-time access to information has been amplified and we now have the database to enable the critical analysis of our clients' tenant occupied portfolio impacted by PTAFA.
Austin, TX (PRWEB) February 8, 2010 –
February 8, 2010 – TenantAccess offers a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing Tier 1 banks, servicers and asset managers relief from the property and tenant management responsibilities they have acquired in the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA) 2009. This announcement comes on the heels of Connecticut’s Attorney General Richard Blumenthal ordering cease-and-desist letters urging law firms, real estate companies, banks and loan servicers to stop abrupt and illegal evictions. With an experienced team of over 350 property mangers nationwide, tested and proven processes and state-of-the-art technology, TenantAccess’ TPRP is mitigating the immediate and long-term challenges of managing ‘Tenant Protection’ response programs.
"As the soft market continues for the foreseeable future, banks, servicers and asset managers don't want the distractions or the incremental costs associated with their "instant landlord" status," said Paul Hayman, President of TenantAccess. "Cash for keys, short sales, and traditional REO are all options, but PTAFA means that being a landlord for some properties is inevitable. Based on our customers' experiences, we've found they lack visibility to critical information about both tenants and properties to make data driven decisions on a day-to-day basis. Given the potential risks, financially, legally and reputationally, the need for real-time access to this information has been amplified and we now have the database to enable the critical analysis of our clients' tenant occupied portfolio impacted by PTAFA. We've also found that many customers can deal with an ad hoc tenant situation from time to time but are lacking the enterprise class systems needed to handle the scale that their portfolios demand. Banks and servicers should be concerned about the potential legal liabilities that could result from less than perfect execution in the field. For this reason, the TenantAccess team has leveraged its experience in REO, property management, and leasing to develop a comprehensive process that ensures peace of mind, speed, and results."
A turn-key solution, the TenantAccess TPRP minimizes the risks and hassles associated with property management allowing servicers and asset managers to stay focused on their primary business operations. By bringing together standardized procedures and controls with proven technology, TenantAccess is able to deliver exceptional service by overseeing every step in the process including establishing and maintaining lease terms, managing the property, protecting the property and improving future sales potential.
For more information on how TenantAccess can help better manage your 'Tenant Protection' response programs, please visit http://www.tenantaccess.com.
The TenantAccess team has more than 30 years of industry leading REO, residential property management, and lease experience. The company provides a full range of services, with a national presence of local property managers. TenantAccess integrates the resources and capabilities of the nation's leading property preservation, REO maintenance and repair company, Field Asset Services. TenantAccess and Field Asset Services are subsidiaries of publically listed FirstService Corporation. This strong ownership enables significant operational capacity and infrastructure to support current volume, as well as provide additional scaling capacity for our clients' incremental property realization strategies. For more information about TenantAccess visit http://www.tenantaccess.com.
About FirstService Corporation
FirstService Corporation (NASDAQ: FSRV; TSX: FSV) is a global diversified leader in the rapidly growing real estate services sector, providing services in the following three areas: commercial real estate; residential property management; and property services. Industry-leading service platforms include: Colliers International and FirstService Real Estate Advisors, together the third largest global player in commercial real estate; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.
FirstService is a diversified property services company with US$1.7 billion in annualized revenues and over 18,000 employees worldwide. More information about FirstService is available at http://www.firstservice.com.
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