LRES announced the company has achieved many organizational milestones in 2016 because of the introduction of new service offerings, the growth of its executive team and an expanded client base.
The increased performance was attributed partially to its successful acquisition of InsideValuation, a provider of commercial and residential evaluations. Through that acquisition, LRES was able to strengthen its commercial unit and expand its overall product offering to include interagency-compliant Evaluations, performed by its strong network of more than 25,000 field agents, the release said.
LRES’ new Evaluations product offer lenders and servicers yet another option to determine property value. Evaluations are more cost effective than traditional commercial appraisals, reducing valuation costs by up to 75 percent and reducing turn time by as much as 50 percent or more. These valuation products often can be used in situations that do not call for a full appraisal, and there are a number of cases covered in the interagency guidelines that allow the lender to forgo a full appraisal.
LRES also strengthened its homeowners’ association (HOA) services to aid originators, servicers and investors in dealing with potential risks associated with HOA defaults and liens. In 2016, LRES assisted in mitigating and preventing approximately 1,000 possible HOA foreclosures from taking place, leading to millions in portfolio savings for its client base.
“LRES achieved many highlights in 2016 with our additional service offerings, growing skilled executive team, improved internal processes and another successful acquisition,” LRES CEO Roger Beane said in the company’s release. “2016 was also the year LRES celebrated its 15-year anniversary, and we look forward to many more anniversaries better serving the real estate industry through enhanced offerings and quality customer service.”