SOUTHFIELD, Mich., Oct. 18, 2012 (GLOBE NEWSWIRE) -- In the first three months of using OfferSubmission to negotiate REO sales, Lenders Asset Management Corporation (LAMCO) is blown away by the increased transparency, and the increased number and value of offers the technology brings.
LAMCO already sells distressed assets differently than most companies, by managing every part of the process of preservation, management and sales to different parties that all report to the asset manager. However, even in their innovative approach, it seems not all information was getting through.
"There are so many benefits of using OfferSubmission, but the increased transparency is a big one," says Bradley M. Tri, Vice President of Business Development for Denver-based LAMCO. "We have so many more eyes on the property because the open market can send their comments directly to LAMCO through the system, and every comment gets to decision-makers in real time. What this system offers is unsurpassed in the industry."
"Minimizing Legal exposure to the end investor is huge," Tri notes. "It is incredibly valuable to allow the open market to assist LAMCO in preserving the property, help assess its value and move it along the process."
Indeed, since adopting OfferSubmission company-wide, REO properties that fielded few offers and saw price reductions now field many offers and sell at or above list price quickly, Tri attests.
"We are living in an era of connection and communication, made possible by technology," says WAC CEO Rodney Carey. "We see time and time again efficiency gains, sales gains, marketing time reductions, gaps closed and all parties more knowledgeable in every transaction – all from using our solutions. It's truly rewarding when new clients see for themselves just how effective these systems really are. "
OfferSubmission was developed by Woodward Asset Capital to prevent fraud, speed transactions, track sales efforts and ensure greatest loss recovery for banks. The solution works in tandem with any servicing or asset management software to provide robust negotiation tools, increased transparency and a real-time digital audit trail, reducing risk and liability for all parties.
Woodward Asset Capital, headquartered in Southfield, Michigan, has been named as a 2012 Top 50 technology provider by Mortgage Technology Magazine and has been identified by Inc. magazine as one of the fastest growing private companies in America for 2012. The company provides customizable technology solutions to best manage real estate sales and prevent fraud in the distressed asset marketplace. Read company perspectives on the latest industry issues on the Woodward Asset Capital blog, http://www.woodwardassetcapital.com/blog/.
Lenders Asset Management Corporation (LAMCO), headquartered in Denver, Colorado, is a full-service, nationwide default asset management outsourcing company, offering customizable and cost effective solutions to liquidate REO assets with mitigated risk. The company has more than two decades of experience helping liquidate more than $5 billion in residential assets for some of the largest financial institutions in the nation.
CONTACT: Media Inquiries: Your People LLC Lynne Golodner 248:376:0406 firstname.lastname@example.orgSource:Woodward Asset Capital