Champion Mortgage of Dallas is expanding out its REO financing program to include servicing firms that are trying to sell foreclosed properties. Champion, a brand owned by Nationstar Mortgage, is focusing its retail-only effort on what it calls its "partners," which hold about 50,000 REO (real estate owned) properties. Up until recently it was only funding REO held in its own portfolio. The company declined to name the firms. "These are servicers and asset managers," said company EVP Steve Hess. "We respect their privacy." Champion's loan of choice is a Federal Housing Administration-backed mortgage where the buyer of the REO has a FICO score of at least 650.
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