Titanium Solutions branches into REO market
News just hit last night that TS has formed an asset management company. Here is the latest press:
Titanium Holdings Launches Excellen REO
Loss Mitigation Solutions Provider Expands Presence in to REO Space
Titanium Holdings, Inc., the parent company of Titanium Solutions, Inc., a provider of loss mitigation solutions, recently announced the launch of a new business unit, Excellen REO. Excellen REO is a full service REO asset management company that offers a complete suite of services designed to create a customized property liquidation process for each client.
“As the mortgage industry faces various challenges during this economic downturn, the success we have experienced with Titanium Solutions for more than a decade has uniquely positioned us to understand and respond to the changing needs of our clients,” Patrick Carey, CEO of Titanium Holdings, explained. “We have made a number of strategic decisions during the past year and the launch of Excellen REO is the latest result of that effort. Excellen REO will help us expand the client relationships that we have built over the years and establish new partnerships as we offer a comprehensive solution to all of their property liquidation needs.”
Cary Sternberg, president of the new company, leads Excellen REO. With almost 40 years of experience in asset preservation, management and liquidation, Sternberg is the former senior vice president of the REO department for American Home Loan Servicing, Inc. In this position Sternberg managed more than 200 employees and 33,000 assets. His previous titles also include first vice president of home loan servicing and REO of Indymac Bank FSB, national REO manager of Ocwen Federal Bank FSB, president of Virginia Commonwealth Realty and senior vice president of American Family Homes.
“We have assembled a staff that leverages decades of experience in REO management and key business partners across the country,” Sternberg said. “Titanium Holdings has created a formidable reputation in the industry and I look forward to garnering that same level of trust for Excellen REO.”
Excellen REO services include pre-marketing, valuations, marketing and sales negotiation, closing and funding and alternative sales methods. The company will leverage a nationwide network of real estate brokers and local eviction attorneys, as well as property preservation companies.
Titanium Holdings Launches Excellen REO
Loss Mitigation Solutions Provider Expands Presence in to REO Space
Titanium Holdings, Inc., the parent company of Titanium Solutions, Inc., a provider of loss mitigation solutions, recently announced the launch of a new business unit, Excellen REO. Excellen REO is a full service REO asset management company that offers a complete suite of services designed to create a customized property liquidation process for each client.
“As the mortgage industry faces various challenges during this economic downturn, the success we have experienced with Titanium Solutions for more than a decade has uniquely positioned us to understand and respond to the changing needs of our clients,” Patrick Carey, CEO of Titanium Holdings, explained. “We have made a number of strategic decisions during the past year and the launch of Excellen REO is the latest result of that effort. Excellen REO will help us expand the client relationships that we have built over the years and establish new partnerships as we offer a comprehensive solution to all of their property liquidation needs.”
Cary Sternberg, president of the new company, leads Excellen REO. With almost 40 years of experience in asset preservation, management and liquidation, Sternberg is the former senior vice president of the REO department for American Home Loan Servicing, Inc. In this position Sternberg managed more than 200 employees and 33,000 assets. His previous titles also include first vice president of home loan servicing and REO of Indymac Bank FSB, national REO manager of Ocwen Federal Bank FSB, president of Virginia Commonwealth Realty and senior vice president of American Family Homes.
“We have assembled a staff that leverages decades of experience in REO management and key business partners across the country,” Sternberg said. “Titanium Holdings has created a formidable reputation in the industry and I look forward to garnering that same level of trust for Excellen REO.”
Excellen REO services include pre-marketing, valuations, marketing and sales negotiation, closing and funding and alternative sales methods. The company will leverage a nationwide network of real estate brokers and local eviction attorneys, as well as property preservation companies.
Replies to This Discussion
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Permalink Reply by Dawn Barrier eXp Realty Vegas on
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Steele, Great minds think alike,,,ok, everyone including me is blogging and talking about this, but,,,,,,,
This is so new and fresh that my source tells me we all need to slow down and be patient that all the systems are not in place yet to start calling or sending in resumes or anything like that.
If you are an HRC, don't bug them about it yet as they are getting swamped and it is interfering with the HRC side.
The plan along has been to initially deal with HRCs first when it comes to the REO side, but again, they apparently are not ready to start handing out REO assignments yet.
So, this is still GOOD news and exciting,,,but I guess we all still have to cool our jets and get in standby mode! -
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Permalink Reply by Steele V. Propp on
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I had been an HRC about 4-5 years ago and then frankly, got so busy with REOs that I just didn't have time to properly do Titanium Solutions. Especially when they would drop 10-15 requests at the time scattered all over my metro (and we have a big geographical area). So I dropped out back in 2008.
But in mid-2009 at the suggestion of another group I belong to I "re-enlisted". So it is good to be back established with them as they are branching out.
I always thought that TS was very innovative to offer their loss mitigation services directly to banks. And I was surprised tonot see that more copy cat organizations come in as they realized the potential of this field. This branching over to REO makes good marketing sense. They have established the relationships with the lenders. In fact, I am guessing that this move may have had some pushing from the lenders themselves.
Agree that this will take a little time to set up and start operating. And that could allow more to sign up with TS and get some experience under the belt. The HRC training is good and very inexpensive.
Hopefully the organization will reward the loyalty of the HRCs as properties come available. -
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Just in case someone missed my post on the other Titanium discussion here is a link to an interview with the new head of Excellen REO. Lots of information and the upcoming timetable.
http://www.attendthisevent.com/Modern/?eventid=10733151 -
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Just wanted you all to know the Excellen REO questionaire is going out to the HRCs. Watch for an email from your Titanium Solutions contact. Get it back as soon as possible.
One of the REO "training" sites got hold of the link and gave it to all their members to sign up as well. HRCs are to be given priority, but... -
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Excellen sent out the questionaire to many of the Titanium HRCs middle to end of last week. Curious to hear who in this group has received their's.
People?
Steele V. Propp said:Just wanted you all to know the Excellen REO questionaire is going out to the HRCs. Watch for an email from your Titanium Solutions contact. Get it back as soon as possible.
One of the REO "training" sites got hold of the link and gave it to all their members to sign up as well. HRCs are to be given priority, but... -
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Permalink Reply by Wendy Rulnick on
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Steele - Is Titanium a smart avenue for additional short sale business, i.e. would you recommend signing up? Sorry, I don't know much about this, do tell!
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Titanium is a good one to sign up with. Understand that you start out doing assisting with homeowners that the various lenders are having trouble contacting for loan mods. But increasingly they are leading to short sale situations and some of the assignments are short sales. There is some training involved at a minor cost but all in all good stuff. And now with the Titanium Parent company starting an Asset Management company there will also be opportunity to get REOs.
Definitely worth checking out.
https://www.titaniuminc.com/login.aspx
Steele
Wendy Rulnick said:Steele - Is Titanium a smart avenue for additional short sale business, i.e. would you recommend signing up? Sorry, I don't know much about this, do tell! -
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Permalink Reply by Suzanne McLaughlin on
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To the tune of $700 US Dollars per agent to participate, this is quite a money-maker for Titanium.
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I was told that I got the questionnaire last week. Nothing. Then I was asked to fill out a new questionnaire. All they asked was my name, address, email. End of questionnaire.
Steele V. Propp said:Excellen sent out the questionaire to many of the Titanium HRCs middle to end of last week. Curious to hear who in this group has received their's.
People?
Steele V. Propp said:Just wanted you all to know the Excellen REO questionaire is going out to the HRCs. Watch for an email from your Titanium Solutions contact. Get it back as soon as possible.
One of the REO "training" sites got hold of the link and gave it to all their members to sign up as well. HRCs are to be given priority, but... -
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Actually this is not a money maker for Titanium. First, Excellen REO is a separate (but owned by the same partent company) entity. So Titanium Solutions has nothing to do with any fees.
However, Excellen is going to use Titanium Solutions HRCs (Home Retention Consultants) if they can show knowledge and experience in REOs. The new president of the company in a recent interview said that of the some 7,000 HRCs he thought about 1,500 would be eligible for the REO program. Yes, they are to be given priority over agents who are not HRCs.
The $700 is actually going to a web service provider that Excellen will be using, RES.net. This platform is also used by a number of asset management companies and has been recommended by a number of REO agents I have talked to recently. One can join the platform as a "listing agent" for $250. They also have an advanced program called AMP for costs an additional $450. One does not have to be an AMP level member but it does sound like they would be given an edge over those that are not.
This is also being discussed on a couple other REO forums. FYI.
As for the questionaire that one of our fellows received, the one I and other HRCs have gotten was very REO specific asking for experience and other related REO questions. Sounds like Suzanne got something different.
Maybe you could clarify what your situation is, Suzanne. Are you a HRC? -
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Permalink Reply by Tiffany Erickson on
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Has anyone heard if Excellen has started assinging REO's yet?
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Not yet. They are still culling through the HRCs for best candidates. Then those will be screened for potential assignments. It may be a month or so.
Tiffany Erickson said:Has anyone heard if Excellen has started assinging REO's yet? -
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