Magazine article Mortgage Banking

DRI Management Forms Alliance with Unison Global Partners

Magazine article Mortgage Banking

DRI Management Forms Alliance with Unison Global Partners

Article excerpt

Newport Beach, California-based DRI Management Systems has formed an alliance with Pleasanton, California-based Unison Global Partners LLC (UGP) to offer loan servicers of all sizes a low-cost and expedited method to seamlessly manage, track and dispose of distressed assets.

UGP offers an array of critical services such as REO management, title and escrow, valuation services and a network of real estate brokers and live online auction capabilities aimed at selling lender-owned real estate quickly and efficiently. UGP uses DRI's flagship software product, The Default Solution, as its automation base to facilitate the flow of information from servicers into the UGP suite of property-disposition services, eliminating human error and accelerating the process, according to the company.

Unison Global Partners offers a guarantee that the property will sell and yield the maximum possible price. This is made possible by UGP's utilization of several approaches over the course of its three-stage process, according to UGP. In the first stage, a property is listed with UGP's broker partner, REObroker.com, which has 60 days to sell the home using its automated system and its access to more than 80 million potential buyers around the world. If a sale does not occur as a result of those efforts, stage two involves an online auction to a global audience of investors and end-buyers lasting 14 days.

Stage three is a live auction, conducted according to a marketing plan designed around the particular property. The first two steps are successful in 90 percent of the cases, so only 10 percent would typically get to this last stage, according to the company. The end result is the assured disposition of REO properties, freeing lender capital, preserving neighborhoods by putting owners in otherwise vacant homes.

DRI's technology platform, The Default Solution, is an essential part of making this process work, according to Steve LaRocque, UGP's chief executive officer.

"DRI's technology and their client base form the perfect launching point for this unique service. The other service providers invited to join this alliance, in combination with UGP and DRI's industrywide contacts, will enable us to build and grow this business very quickly," he said. According to LaRocque, it is UGP's goal to make this approach the standard industry practice for servicers of distressed assets of all sizes and in all areas of the country. …

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