Field Asset Services Unveils Pre-foreclosure Service Avert™

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Property Preservation Leader to Exhibit New Service Offering Created to Reduce Default Expenses for Banks and Servicers at the 2011 Five Star Conference

With Avert, FAS can provide banks and servicers with the right knowledge and tools to improve the loss mitigation process, reduce expenses and build greater collateral intelligence."

Field Asset Services (FAS), the nation’s leading provider of field services to the REO industry, today announced the availability of the Company’s new pre-foreclosure service called Avert™. By utilizing integrated advanced technology and building on FAS’s experienced staff, Avert offers banks and servicers, for the first time, a single source solution to reduce default expenses and avoid foreclosure.

With housing prices continuing to fall and the number of vacant homes on the rise, banks are under increased pressure from regulators and the public to improve their loss mitigation success rates. In addition, the number of pre-foreclosed properties yet to be foreclosed upon is growing. According to a recent report by Standard and Poor, it could take nearly 4 years for the housing market to work through the current shadow inventory.

“As the shadow inventory of at-risk homes continues to swell, banks and services are faced with numerous challenges and need solutions to prevent these pre-foreclosures from becoming foreclosed properties,” said Dale McPherson, President and Chief Executive Officer of Field Asset Services. “With Avert, FAS can provide banks and servicers with the right knowledge and tools to improve the loss mitigation process, reduce expenses and build greater collateral intelligence – well in advance of a property becoming a foreclosure asset.”

Avert offers a comprehensive and high-quality suite of services to help banks avoid foreclosures and associated expenses, including the ability to:    

  •     Arm short sales teams with Property Listing Reports to target high probability short sales prospects with optional valuation and MLS data.
  •     Use Claimable Damages Reports to head off repair expenses and seamlessly integrate with your hazard mitigator.
  •     Mitigate potential fines and liens through proactive research and communication with municipalities, HOAs and agencies.
  •     Apply meaningful Property Condition Reports to preempt REO liability and support REO strategies in advance of acquisition.
  •     Ensure compliance with PTFA requirements with preemptive tenant continuation and response.
  •     Leverage time, date and GPS stamped photos, which deliver objective results to avoid confirmation inspections.
  •     Rely on integrated property information reports like MLS data, valuation and HOA information to jump-start loan modifications.

FAS will be exhibiting its array of property preservation services at the 2011 Five Star Conference taking place September 11th – 13th at the Hilton Anatole in Dallas, Texas.
To learn more about Avert, you can visit with FAS company representatives at Booth 215. Additionally, you can access more information online by visiting http://www.FieldAssets.com/Avert or emailing Avert@FieldAssets.com.

About Field Asset Services
Field Asset Services (FAS) is the premier Property Preservation, REO Maintenance and Repair Services company in the United States, servicing more than $10.8 billion in residential assets on behalf of its clients. FAS works with 26 mortgage and asset management clients nationwide, servicing more than 130,000 active properties on a recurring basis. For more information about FAS, please visit http://www.fieldassets.com.

About FirstService Corporation
FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) is a global diversified leader in the rapidly growing real estate services sector, providing services in commercial real estate, residential property management and property services. Industry-leading service platforms include Colliers International, the third largest global player in commercial real estate services; 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 generates over US$1.8 billion in annualized revenues and has more than 18,000 employees worldwide. More information about FirstService is available at http://www.firstservice.com.

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Suzanne Tormollen
Atingo Public Relations
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