Today, Stewart Lender Services, in conjunction with Spectrum Field Services, announced the availability of a new qualification package for investors that provides them with a comprehensive analysis of loss recovery for REO assets. The FHA Qualification Package will allow investors to validate their vacant assets and analyze a property's status.
“This package includes a full range of services for analyzing the property's current status, rehabilitation costs and market expectations,” said Jason Nadeau, president of SLS. “It takes existing services and packages them into a sensible flow that will certainly accelerate the time to market the REO properties.”
Using the package, investors can determine if assets meet the lending requirements for an FHA program. FHA loans account for 30 to 50 percent of all loan originations for mortgage applications in many areas of the US. The FHA (Federal Housing Administration) controls a good portion of the housing market, and that share is expected to grow. FHA programs are loan services offered by the US federal government that insure the lenders against buyer default. Because of this, lenders are generally willing to make larger mortgage loans.
Stewart Lender Services (SLS) is a wholly-owned subsidiary of Stewart Title Company. SLS provides real estate owned (REO) asset services for mortgage providers and lenders. It also offers loss mitigation and centralized origination. Stewart Title provides title insurance and transaction management throughout the United States. Spectrum Field Services offers field inspection services and REO preservation.