IRVINE, CA – March 31, 2005 – Jackson & Associates, Inc., a provider of legal services and nationwide legal process management to the real estate owned (REO) industry, announced today that its flagship Symphony platform for REO property recovery has surpassed 1,000 active users. Launched in late December 2004, Symphony is the first integrated platform designed to manage the REO property recovery process. Users include co-counsel associated with the firm nationwide, clients of the firm, as well as assigned brokers.
“By controlling the risks incident to occupied REO, Symphony provides a solution that minimizes loss severity and provides value,” according to Robert Jackson, President and Senior Managing Attorney. “The growth we’ve seen for the Symphony platform is a testament to the value our clients have been able to realize by utilizing its unique range of features for managing the property recovery process.”
Also contributing to the platform’s success is a changing regulatory environment that has placed a greater emphasis on default management and REO operations. “Lenders and investors alike have begun to look at the value their default servicing operations can provide in terms of how appropriately they manage risk,” said Jackson, adding that most traditional REO shops aren’t doing enough to control the risk associated with their occupied assets. “REO managers need to take another look at their occupied assets, because simply following a timeline does absolutely nothing to limit exposure to risk.”
According to Jackson, assessing risk in occupied REO isn’t easy to do: it involves taking a critical look at how a company’s existing practices serve to limit property damage, legal exposure, negative PR, cost of carry, and exposure to local market and job factors that all come into play when an REO asset is occupied. “60% of the average REO asset portfolio consists of vacant assets,” Jackson said. “Symphony was developed to manage the recovery of the other 40%, because no other single class of defaulted asset has a greater impact upon realized loss severity. We think the growth we’ve seen so far is just the start.”
Symphony is available to clients of Jackson & Associates who have executed a service agreement with the firm. More information about Symphony’s features and capabilities is available online at http://www.jandalegal.com/symphony.
About Jackson & Associates
Jackson and Associates,
Inc. is a professional law corporation with associated co-counsel in every
State of the Union, and focuses on providing post-foreclosure legal services
and nationwide legal process management to clients in the REO industry.
With over 12 years of experience representing default servicers and REO
management organizations, Jackson & Associates has helped its
clients recover more than 50,000 occupied assets nationwide. The firm
is located on the web at: http://www.jandalegal.com.
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