Seven New Clients Tap IMS for Property Repair and Field Services
Business Wire, June 29, 2010
Increased Delinquency Creates Greater Demand among National and
Regional Organizations
HOUSTON — Integrated Mortgage Solutions (IMS), a collateral protection resource
for the mortgage servicing industry, announced today the addition of
seven clients, which include traditional mortgage servicers, community
banks and credit unions.
According to the Treasury Department, 340,000 homeowners have received
permanent loan modifications under the Making Home Affordable Program
(HAMP). Of those, Fitch Ratings projects that as many as 65 percent of
the prime loans and 75 percent of subprime loans modified under HAMP
will re-default. These projections point to the continued need for
experienced loss mitigation support.
Large regional and national financial institutions comprise IMS new
client base and will utilize the companys document retrieval, REO
services, property repair and field services, including property
inspection and preservation. IMS has a national network of field
services and asset management professionals, enabling the companys
clients to effectively manage distressed properties and reduce the
volume of foreclosures nationwide.
While large mortgage servicers have traditionally outsourced asset
management services, community banks and credit unions now also
recognize the importance of leaning on an experienced firm to conduct
these services, said Cheryl Lang, chief executive officer and president
of IMS. IMS easily adapts to changing regulations and offers the
services and expertise that our clients will not find locally but
require in order to meet their objectives. Our ability to offer
customized default management services enables us to serve a wide array
of financial institutions with varying needs.
Historically, community banks and credit unions have worked with local
field service companies to complete property inspections and
preservation work
credit repair