Closing Management Firm Creates an REO Subsidiary

ServiceLink here, which claims to be the nation's largest centralized closing management company, has formed a new subsidiary to focus on the specialized process of selling bank-owned properties acquired through foreclosure.

AssetLink will be led by Ken Westfall, a 25-year veteran of the asset management and disposition industry.

Mr. Paylor previously served as general manager of Symetrix Inc., a company that has specialized in default management for 20 years, and as regional vice president with Computer Sciences Corp., a global provider of financial outsourced solutions in their Banking and Financial Solutions Group.

ServiceLink CEO Jeff Coury said Mr. Westfall's industry experience, knowledge and reputation, combined with the company's technology and vendor management experience, will contribute to the new unit's success in the REO market.

AssetLink will operate as a community of brokers, lawyers and other mortgage default service providers, all of whom will manage every level of the REO process, from investor relations, asset acquisition, eviction, pre-marketing, marketing, negotiation and closing.

AssetLink is currently seeking brokers and attorneys across the country that can provide their services in their current locations through an Internet-based platform.

The company believes its technology will distinguish it from other REO companies. AssetLink plans to create a "start to finish" paperless environment.

Mr. Westfall said AssetLink's paperless REO strategy "is an innovative and visionary step in the future of REO operations."

He told MSN that the company, which will be based in Hopewell Township, Pa., near Pittsburgh, aims to serve the REO market nationwide. Currently, AssetLink is developing what Mr. Westfall says is a state-of-the-art software system for managing REO in a paperless environment.

"That is in the final stages of development right now, and we expect to start accepting assets probably between July 1 and 15," Mr. Westfall said.

The service will include a website for brokers to enter data. Investors will be able to access information about their loans and lenders will have access to full reports and information about their portfolios. In addition, a public marketing website will be used to display REO inventory to potential homebuyers.

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