Fay Servicing, a special servicer based in Chicago, has created a division to manage foreclosed properties.
Glenn Brooks has been hired as a senior vice president in charge of the new business unit, the company said in a press release Monday. The 20-year mortgage industry veteran will lead the division's strategic direction and manage relationships with attorneys, agents and vendors.
Before joining Fay Servicing, Brooks held various executive positions with Quantum Servicing and Accredited Home Lenders, where he led a team of asset managers across the country to determine market value and the best marketing strategies on real estate owned.
“Launching this division simply would not have happened if we had not found someone with such a strong background and compelling track record in the REO business,” said Ed Fay, founder and chief executive officer of Fay Servicing.
The unit's services will include eviction attorney selection and oversight, access to a real estate agent network, pre-marketing strategy development, contractor selection and project oversight, and offer and contract negotiations.
The move comes as home retention efforts achieve greater success, delinquencies wane, and the REO business slows. Fay has a history of going against the grain. During the height of the foreclosure crisis in 2009 and 2010, when many lenders cut loan originator jobs, Fay saw it as an opportunity to hire and train the best originators and engage them in loan workout and loss mitigation.