Winners were chosen for not only providing benefits such as health insurance, retirement/401k plans and dental & vision coverage, this year’s winners were also recognized for thinking outside the box with other benefits like on-site gyms, telecommuting, tuition reimbursement, compressed schedule/work week and matching charitable donations.

Under an agreement between both companies, Executive Asset Management will manage United Bank’s properties, enabling the bank to reduce its fixed costs while enhancing net proceeds from the sale of its bank-owned properties. Services provided by Default Resource / Executive Asset Management include property preservation, marketing, valuation, contract negotiation, title, settlement and closing services.

United Bank received approval from the Federal Deposit Insurance Corporation (FDIC) to acquire a number of failed banks in the southeastern United States in recent years. The bank’s assets have recently surpassed $1 billion.

“When it comes to managing bank owned real estate, Default Resource and Executive Asset Management provide unparalleled service and delivery,” stated Scott Swafford, United Bank’s director of special assets. “We were impressed with their reputation and their ability to execute across multiple service offerings, such as property preservation, closing and training services. They are a trusted advisor and we look forward to a long working relationship together.”

“As the real estate market continues to struggle, we are pleased to be working with dynamic institutions like United Bank,” said James H. Zeldin, executive vice president of Default Resource. “Regardless of property type, we designed multiple, customized disposition strategies aimed to maximize asset proceeds and reduce losses.”

About Default Resource

Based in Frederick, Maryland, Default Resource is a diversified financial services company that provides the full spectrum of default and origination products and services to the real estate and mortgage markets. Through its subsidiaries, the company provides REO asset management, valuations, loss mitigation and consulting services for real estate professionals. Founded in 2005, the firm serves top tier mortgage servicers, financial institutions, hedge funds, mortgage insurance companies and governmental entities nationwide. For more information visit www.DefaultResource.com.

About United Bank

Originally chartered as the Bank of Zebulon in 1905, United Bank has grown into a full service financial institution, offering a range of services from traditional banking to securities trading. With 21 bank offices located throughout middle Georgia, United Bank has a proud heritage of building strong relationships, providing exceptional customer service and supporting its communities. The company has the expertise and long-term capital to be a leader in providing financial products and services. Learn more about United Bank by going to to www.accessunited.com.

“Leveraging our nationwide network of qualified and highly trained personnel, our homeownership outreach program was designed to maximize borrower contact and facilitate asset resolution while simultaneously enhancing the relationship between our clients and their customers,” says James H. Zeldin, executive vice president of Default Resource.

The new Default Resource homeownership outreach program is more than a simple door knock program. It is a scalable, compliant means to enhance borrower interaction. “By utilizing both our diverse vendor network and our cooperative business model, our clients experience lower losses and greater homeowner retention,” adds Zeldin.

Calderon co-founded Default Resource in 2005 after identifying a need to provide new solutions for lenders, mortgage insurance companies, hedge funds and others based on projected increases in defaulted loans and foreclosures.  Since then, the services of Default Resource have become critical to helping mortgage lenders assist troubled borrowers, return vacant properties to use, and maximize profitability.  Prior to starting Default Resource, Calderon was a nationally-ranked Realtor in Metropolitan New York.

Calderon and Default Resource are active participants in Autism Speaks, which raises funds to raise awareness about autism; The Arc of Frederick County, which helps individuals with developmental and intellectual disabilities attain their goals; and other local and national charities including American Cancer Society, Special Olympics, Make-A-Wish and others.  Calderon also serves on the Frederick County Government Affordable Housing Council and Business Advisory Council.

“I am deeply humbled and thankful to receive this honor,” Calderon said.  “The team at Default Resource deserves the credit, as I believe this honor reflects what we have accomplished together as a successful organization and as contributing members of the community.”

“Our business model is built around exceeding customer expectations throughout the default process,” said Default Resource Executive Vice President James Zeldin. “Protecting the health of distressed properties—and by extension, their values—is not only a critical need for our clients, but also essential to the recovery of local neighborhoods across the country. When it comes to asset protection, MSI has earned a reputation for providing an unparalleled level of quality and responsiveness. We are delighted to be working together.”

“Teaming up with Default Resource was an easy decision for us since we both place quality and service above everything else,” said MSI President and Chief Execuitve Officer Jim Shivers. “This relationship gives us the opportunity to have an even greater impact toward preserving homes nationwide and aiding in the real estate market’s recovery. It is a perfect fit.”

Default Resource, a provider of real estate-owned (REO) management, valuation and loss mitigation services, has announced a strategic partnership with Mortgage Specialists International (MSI), a property preservation, field services and hazard claims provider. MSI offers a full spectrum of customized property preservation, inspection and hazard recovery services in all 50 states while maintaining strict compliance with HUD or other investor and agency regulations. Along with its existing business lines for managing troubled assets, the strategic partnership with MSI enables Default Resource to provide a complete suite of best-in-class products and services for managing distressed property.

“Our business model is built around exceeding customer expectations throughout the default process,” said Default Resource Executive Vice President James Zeldin. “Protecting the health of distressed properties—and by extension, their values—is not only a critical need for our clients, but also essential to the recovery of local neighborhoods across the country. When it comes to asset protection, MSI has earned a reputation for providing an unparalleled level of quality and responsiveness. We are delighted to be working together.”

“Teaming up with Default Resource was an easy decision for us since we both place quality and service above everything else,” said MSI President and Chief Execuitve Officer Jim Shivers. “This relationship gives us the opportunity to have an even greater impact toward preserving homes nationwide and aiding in the real estate market’s recovery. It is a perfect fit.”

“Getting involved with the Autism Speaks Puzzle Builder fundraiser was an exciting opportunity for our company, Default Resource. Knowing that this was a new and innovative approach to raising awareness and money for autism, really caught our attention,” she said.

So far, the company has raised $1,340 towards its $4,000 goal. More details are available on the company website.

Click this link to the see the story on the Autism Speaks Official Blog.

In his article, Marshall points out that the recent downturn has been hard on new firms entering the REO Management space and urges services who plan to contract with such a firm to perform their due diligence.

“Servicers should take extra care when hiring REO asset managers. Always check the company’s financial condition,” Marshall wrote. “Determine if they have at least six months worth of operating capital, the condition of their receivables, and payables as well has the length of time it takes them to pay their vendors.
Due diligence should always involve calling on client and business (banking) references. It’s important to find out what level of REO assets the company has been managing throughout the downturn.”

Executive Asset Management, one of the industry’s most experienced REO management firms, is one of the companies in the Default Management family. Its executives, Frank Marshall among them, have decades of experience in the business and can answer any question you have about hiring an effective REO management firm.

Contact Frank Marshall today with any questions at (301) 696-6362.

For the past two years, Default Resource has supported Autism Speaks through the “Bike to the Beach Campaign.” Edie Calderon was one of the 80 cyclists who rode from Washington DC to Bethany Beach Delaware (123 miles) this year. The 80 cyclists raised $100,000.00 to help fight Autism.

Giving back is a fundamental part of our company’s culture and a way for us to support an organization that we are so passionate about. Please click on our link and purchase 1 or more puzzle pieces for just $10.00 each to support Autism Speaks.

http://puzzlebuilder.autismspeaks.org/puzzles/show/user/MjMzOA/puzzle/NGNkNDRjNTQ2NWViYg

Facts about Autism Speaks and the disorder they are working to find a cure for:

• Founded in February 2005 by Suzanne and Bob Wright.
• 2008 the Wrights were named to the Times 100 list of the most influential people in the world because of their commitment to Autism Advocacy
• Autism is a general term used to describe a group of complex developmental brain disorders known as pervasive developmental disorders
• Autism inhibits a person’s ability to communicate and develop social relationships and is often accompanied by behavioral challenges
• Autism is now diagnosed in 1 in every 110 American children, including 1 in every 70 boys
• The prevalence of Autism increased 57 percent from 2002 to 2006
• A Harvard School of Public Health report puts the average total medical and non medical costs of Autism at approximately $72,000.00 per child per year.

Puzzlebuilder is a first of its kind social network driven fundraiser

The campaign launched on October 28^th and will run through the end of the year

Anyone can participate and upload photos from their Facebook or other social networking sites and email or post out to friends and family on their site

UPDATE: The team has now raised $1,610!

“Our research indicates that some of the brokers who are taking on high levels of REO are ill-equipped to professionally manage and market these properties,” said Frank Marshall, President and co-owner of Default Resource. “Previous studies have found many inconsistencies in the quality of the service offered to REO property owners and managers and there is a cost associated with this level of performance. This new program will provide a means by which REO asset managers can ensure that their listings are being maintained appropriately and their properties are selling faster and to the right buyer while maximizing recoveries.”

Through the Asset Surveillance Report, Mark To Market sends out independent inspectors to listed REO homes. The inspection agents report back if the home is being properly maintained, has visible yard signage, lockbox in place, is listed appropriately in the MLS and the appropriate marketing materials are available in the home. Any hazardous conditions are detailed in the report as well, which also includes photos of the property. The reports are filed by the inspectors using Mark To Market’s secure portal.

The new service fits well with Mark To Market’s existing line of real estate valuation tools. The company taps its existing network of licensed agents (over 20,000) as well as property inspectors to perform the inspections, and expects the product to be very successful.

The maintenance, security and marketing done by the listing agent is at the core of what is needed to effectively reduce the inventory levels of foreclosed homes that are on the real estate market today. If REO assets are improperly assigned, those properties may languish on the market until some other more motivated agent is reassigned the assets and markets them effectively to the right buyer pool.

“Whether it is complacency, lack of capacity or worse, this underperformance results in homes sitting on the market too long. This has adverse financial impacts to the seller and individual neighborhoods,” says Marshall.

Research performed by Executive Asset Management, an REO asset management company owned in part by Default Resource, shows that it costs banks on average $150 each day a property remains on the market. In cases where empty properties are vandalized, or damaged, it can cost the bank much more money and grief.

This service is unique in that the report comes from an objective third party and will allow servicers or investors to know at a glance how their real estate sales partners are performing. The company has already signed contracts with servicers and asset managers, including a Top-5 and a Top-10 mortgage loan servicer. The new report is expected to appeal initially to firms managing REO and short sale listing agents, but it will eventually have applications in other parts of the business, including auditing the performance of servicers for investors and third-party originators for banks.

The weakest link in the disposition of REO properties is the maintenance, and marketing of the individual properties. This new service can be customized to any client’s individual needs and is equally effective with properties listed for short sale.

Default Resource has been providing training to industry executives in the default services sector of the mortgage business for some time. General executive development is a new offering for the company and has now been successfully deployed internally to develop executives for its growing Mark To Market real estate valuation business.

“This program allowed us to take six promising candidates and give them the skills they need to move into demanding management positions,” said Default Resource President Frank Marshall. “Our industry is in desperate need of leadership right now and effective training is the only way to prepare our people for the challenges they will face as we work our way through this housing downturn. I’m very proud of the Mark To Market employees who have completed this course.”

Participants met for 8-10 hours per week and completed an additional 5-8 hours of independent study in order to complete the seven-week program. They studied leadership management, the importance of team, time and process management, strategy, execution, and change management, dealing with people and accounting and finance and business development. The goal of the class was to match the right person to the right job. All six participants received a promotion upon completion of the course; two were promoted into management positions.

“This program was a big success for us internally and it will also benefit other firms that are serious about developing their own executive talent,” Marshall said.

Default Resource will be adding the new executive training program to its Default School division’s offerings in the weeks ahead.