FNAMS Adds to REO Resources with Website Purchase

Fidelity National Asset Management Solutions, a provider of REO services, has concluded a transaction with Real Estate Services Network of Los Angeles for the acquisition of contracts and agreements to manage and dispose of 1,188 single-family properties for mortgage lenders and servicers.

With its current inventory of residential REO properties, FNAMS now manages about 4,800 residential assets located in the United States, Puerto Rico and the U.S. Virgin Islands.

As part of the transaction, FNAMS also acquired a website (www.buybankhomes.com) that it will operate and promote as "The Source for Foreclosed Homes."

"This transaction significantly expands our business model of being close and involved with the top REO brokers across the country while providing superior service to our lender-clients. The acquisition and enhancement of the Internet portal www.buybankhomes.com furthers our strategy to tap into the power of the Web to assist our clients in accessing the broadest possible markets for acquired/foreclosed homes to affect the best possible execution," said Tom Di Mercurio, FNAMS president and chief operating officer. He said the transaction represents a broadening of FNAMS operations to make it easier for shoppers looking for REO properties.

Mr. Di Mercurio said FNAMS plans to make the website more robust by adding additional features that might appeal to buyers and sellers of foreclosed homes.

"We are going to operate it as a separate Internet portal, and we hope to broaden its scope substantially by appealing to lenders," he said.

Services such as title information, school information, comparable sales data and perhaps automated valuation models may be added, he told MSN.

FNAMS operates in Westminster and Tustin, Calif. The company provides complete property management and REO services including eviction, title ordering and clearing, broker selection and management, and national closing services.

FNAMS is a subsidiary of Fidelilty National Financial, a title insurance and diversified real estate-related services company. In addition, through its principal subsidiaries, Fidelity performs services such as escrow, flood certifications, real estate tax services, credit reporting, property appraisal services, exchange intermediary services, loan portfolio services, field services, default services, foreclosure publishing and posting, reconveyances, home warranty insurance, and real estate information and technology services.

FNAMS provides REO services on a national basis. The company is currently working with about 20 clients, including mortgage servicers, mortgage banks and other companies that have acquired real estate.

Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com

Next in News ►