Field Asset Services’ Independent Study Cites More Than 50% Reduction in DOM for Remodeled Foreclosed Properties; Company Announces REoMODELING Services Suite

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Leading Provider of Field Services for REO Market to Exhibit Solutions at the 2010 MBA National Mortgage Servicing Conference & Expo

“With today’s unprecedented number of foreclosed properties and an increasing backlog, lenders need solutions that will help them quickly and profitably turn their REO properties,” said Dale McPherson, Chief Executive Officer of Field Asset Services.

Field Asset Services (FAS), the nations’ leading provider of field services to the REO industry, today announced the results of an independent study of foreclosed properties that compared the number of days on market (DOM) for remodeled properties versus those that were not remodeled. The results showed a dramatic 54.6% reduction of DOM for properties that underwent rehabilitation. Out of the 8,200 properties tracked across 13 states, the average DOM for a property without rehabilitation was 154.4 days compared to just 70.4 days for the properties that were rehabilitated.

To help lenders more easily and cost effectively rehabilitate their foreclosed properties and take advantage of this return on investment opportunity, FAS is announcing it has created the REoMODELING solution. With more than twelve years of experience providing Property Preservation, REO Maintenance and Repair Services, FAS has designed a comprehensive rehab process to reduce expenses, minimize project duration and eliminate the headaches associated with rehabilitation.

“With today’s unprecedented number of foreclosed properties and an increasing backlog, lenders need solutions that will help them quickly and profitably turn their REO properties,” said Dale McPherson, Chief Executive Officer of Field Asset Services. “Traditionally, lenders have only been able to rehab properties that are severely damaged, below code, or far below comparable quality given the lack of predictable and cost efficient methods to remodel these properties. With a network of more than 13,000 contractors and more than 600 dedicated employees, FAS is delivering a meticulously managed REoMODELING service with outstanding communication, state-of-the art technology and experienced experts across the board to help lenders through every step of the process. We are proud of what we’ve been able to achieve and look forward to helping our clients reap the benefits of this solution.”

An end-to-end rehab solution, the FAS REoMODELING service eliminates the hassle of rehabilitation providing a single point of contact, consistent pricing and services to increase time-to-market. From exterior renovation to interior improvements, FAS, through the REoMODELING service, will:

  •     Qualify and quantify the potential for the rehab project. FAS will assess the project in light of costs and pricing upside and then electronically deliver consistent photo documented results.
  •     Manage the project from inception through completion, with a dedicated FAS team supervising the work from the company’s national network of qualified contractors and field quality control team. This includes an on-site quality control inspection by FAS’s field based employees as well as the listing agent’s formal approval.
  •     Provide consistent visibility to the project status, dates and costs through FAS’s robust client portal.

You can find out more information about the FAS study and the REoMODELING solution by visiting with the company in Booth #503 at the MBA's National Mortgage Servicing Conference & Expo taking place February 23 – 26th at the Manchester Grand Hyatt in San Diego, CA. In addition, you can visit http://www.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 $7.1 billion in residential assets on behalf of our clients. FAS works with 25 mortgage and asset management clients nationwide, servicing more than 94,000 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) 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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Suzanne Tormollen
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