After launching its new mortgage origination division focusing on retail and correspondent loans in May, Fay Servicing has launched a new real estate owned (REO) property division offering a range of services, including eviction attorney selection and oversight, access to a large preferred real estate agent network, ‘cash for keys’ negotiations, pre-marketing strategies, contractor selection and project oversight, listing and marketing properties, offer and contract negotiations, and title and closing coordination.
In addition, the special servicer has hired REO expert Glenn Brooks as senior vice president of the new REO business unit. As per a company release, Brooks has more than 20 years in the real estate, mortgage servicing, REO management, asset disposition and lending industries. Before joining Fay Servicing, he served as vice president of Quantum Servicing, where he oversaw the bankruptcy, foreclosure, REO, property preservation and valuations departments.
In addition, Brooks was assistant vice president/manager of REO for Accredited Home Lenders, where he lead a team of asset managers across the country to determine market value and the best marketing strategies on REO properties, including reviewing and approving marketing plans, repairs, list prices and offers presented.
In his new role, Brooks will provide strategic direction for the new division and manage relationships with attorneys, agents and vendors.