LPS Acquires Rising Tide Auctions
Jacksonville, FL-Technology provider Lender Processing Services here plans to give servicers more REO management options through its acquisition of Chicago-based auction company Rising Tide Auctions.
The move will allow LPS to help servicers minimize REO timelines and reduce costs through its new component, LPS Auction Solutions.
LPS plans to market both individual and pools of bank-owned properties to real estate buyers and investors. Servicers working with LPS Auction Solutions will benefit from the company's ability to manage all aspects of the auction process from beginning to end, including data collection, property due diligence, open house showings and the auction event, said Chad Neel, president of LPS asset management and field services.
"Rising Tide Auctions brings significant assets to LPS, including an impressive team of executives with more than 30 years of successful property auction marketing experience," said Mr. Neel.
"By integrating property auction services with LPS' other leading default solutions, we can offer our clients an unparalleled toolset for managing and disposing of REO assets that delivers the best overall results."
To help ensure timely REO dispositions, LPS utilizes a comprehensive broker outreach program to encourage broker participation in the auction events.
Web-based technology is used to communicate property details to potential buyers, enable the initiation of pre-emptive sales and allow simultaneous online bidding. Reporting functionality keeps servicers informed by providing access to sales metrics, auction day selling data and post-auction escrow information.
"We have successfully auctioned commercial and residential properties through Rising Tide Auctions and other related ventures for more than 20 years," said Evan Gladstone, former executive managing director of Rising Tide Auctions and managing director of LPS Auction Solutions.
"As LPS Auction Solutions, we'll have the ability to leverage LPS' extensive capital and product portfolio to deliver an unmatched offering for our clients."
LPS Auction Solutions takes a creative and comprehensive approach to auction property marketing, including the development of compelling property sales materials, as well as extensive outreach involving radio, television and print advertising, direct mail and e-mail campaigns, public relations initiatives and social media engagement.
"With access to a powerful array of promotional channels and our unique understanding of local market conditions, we can quickly adjust our marketing strategy for each individual auction," added Mr. Neel. "This helps ensure that we're attracting the maximum number of potential buyers."