Field Asset Services Delivers New Utilities Management Service

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New Service Introduction Expands Company’s Collateral Command™ Offering for Banks, Servicers and Lenders to More Easily Manage Their REO Properties

"By combining FAS’ industry relationships with our in-house expertise, we’ve been able to create a continuous process that greatly improves how utilities are managed, with benefits for both the banks and the agents.” Jim Pike, VP of Utilities for FAS

Field Asset Services (FAS), the nation’s leading provider of field services to the REO industry, today announced the launch of its Utilities Management Service for banks, servicers and lenders. The release of FAS’s new service offering is being announced in conjunction with the company’s introduction of Collateral Command, a single source solution for property preservation services and support. With the Utilities Management Service, banks, servicers and lenders are now able to leverage FAS and its industry relationships to streamline and simplify the day-to-day tasks associated with the utility process for their growing inventory of REO properties.

“There was a clear need in the industry for a more structured and efficient process to better manage the often time-consuming aspects of utility management,” said Jim Pike, Vice President of Utilities for Field Asset Services. “By combining FAS’ industry relationships with our in-house expertise, we’ve been able to create a continuous process that greatly improves how utilities are managed, with benefits for both the banks and the agents.”

Offered as part of FAS’s Collateral Command, Utilities Management provides banks with a single point-of-contact to oversee every aspect of managing the utility process. By creating a more automated and process-oriented approach to utility management, FAS is able to reduce risks, lower costs and increase efficiency in the REO property management process.

“In preparation for launching the FAS Utility Management Service, we’ve been testing the offering with some of our customers over the past year. We’re happy to report that during the testing phase we were able to successfully manage utilities for more than 76,000 properties, handle more than 325,000 bills, and manage 165,000 activations and 140,000 deactivations,” added Pike.

FAS’s Utilities Management Service enables banks, lenders and servicers to leverage FAS’s relationships with utility companies and agencies to realize greater benefits not only for their own organization but also for their partners, including the ability to:

  •     Manage multiple utility services at one time;
  •     Create aggregate billing in high volume locations;
  •     Eliminate out-of-pocket advances by agents and attorneys;
  •     And, reimburse agents and attorneys.

“For more than 15 years, FAS has acted as the single point of contact for field services, inside and outside the property,” said Dale McPherson, President and Chief Executive Officer for Field Asset Services. “With the goal of reducing the time and cost involved in recovering and maintaining properties, FAS is dedicated to innovation and to bringing new services to market for our clients. Utilities Management is a great example of how FAS continues to push the industry to the next level to help our clients succeed.”

The launch of FAS’ Utilities Management Service further completes the offerings available through the company’s newly introduced Collateral Command, a comprehensive and high-quality suite of services created to manage and control all aspects of servicing REO portfolios. By providing a single, integrated solution with centralized coordination and management through FAS’s work flow management system, FASConnect, Collateral Command eliminates the risk of having an array of vendors performing separate servicing activities in an uncoordinated manner. This approach allows banks and servicers to securely offload the day-to-day tasks associated with REO property management and focus on growing their core business.

For more information about the Utilities Management Service, please contact utilities@fieldassets.com or visit http://fieldassets.com/utilities-mgmt.

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 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
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