Carrington Property Services, LLC (CPS), Santa Ana, Calif., a national residential asset management companies, has transformed its operations to increase its capacity and capabilities in residential asset management services to benefit lenders and servicers, according to the company. The company has now realigned its operations into three primary divisions – Rental, REO Administration, and Centralized Services.
The larger restructured organization utilizes both the human and technological capabilities of CPS’ existing platform while leveraging the abilities of Carrington’s integrated family of companies.
“The new structure brings enhanced capabilities in a broad range of solutions for helping our clients manage their residential property portfolios," noted Steve Ozonian, chief real estate officer of Carrington Holding Company. "Since each property has its own individual characteristics, our clients have expressed the desire to use multiple strategies simultaneously – ranging from rental to REO and short sale management – with a single point of contact for vendor management. The reorganization makes that happen with ease and transparency."
The three new business divisions include:
· Rental - The Rental Division provides unique programs that offer alternative asset management paths. Current programs manage properties in 34 states in compliance with the Protecting Tenants in Foreclosure Act, investor profitability guidelines, tenant rights and state-specific requirements. Carrington’s proprietary systems and technology ensure consistency and quality control for managing all facets of property management, including the tracking of properties, tenants, property managers, rents, security deposits and vendors, sophisticated business and trend analysis, as well as financial results and other customized reporting.
· REO Administration - The REO Administration Division’s integrated platform provides comprehensive REO asset management capabilities with services that reduce costs and maximize value. This division offers complete asset management, property preservation and REO broker capabilities, with a scalable national infrastructure to manage every aspect of asset management and disposition. It leverages its own proprietary monitoring and reporting systems that track key performance metrics and simplify portfolio management.
· Centralized Services - The Centralized Services Division supports the operations of the Rental and REO Administration Divisions, ensuring consistency, oversight, and quality control in property assessment, valuation process, property preservation, invoicing, and financial accounting and results.
In realigning the company with the newly defined divisions, systems and expertise are brought to bear on the growing desire by servicers and mortgage investors for greater flexibility to explore all avenues of owned residential asset management and improve loss control.
“Carrington Property Services now offers even more effective ways to use all the strategies available,” Ozonian said. “For the first time, lenders and servicers have a one-stop capability to manage all aspects of the asset management life cycle.”