Integrating Deed-In-Lieu of Foreclosure into Recovery Solutions—an Industry Game Changer
Concord’s collection agency brand, Blackwell Recovery®, has teamed up with Las Vegas based Old Republic Timeshare Services to officially roll-out a new full-service deed-in-lieu of foreclosure program. This new service offering is a win-win for resort developers, HOAs, and consumers.
For the business, loans are satisfied, inventory is retained, and the foreclosure process is avoided. Administrative operations from the resort developer or HOA are alleviated. Blackwell Recovery® acts on behalf of the resort developer or HOA, managing everything through Old Republic, simplifying the process and paperwork for all the parties involved without the need to manage multiple service providers. Instead of several different entities working through a lengthy multi-layered system, Blackwell Recovery maintains the consumer relationship and handles the process every step along the way including title searches, collecting payment, filing, recording and more. Inventory is returned in marketable condition, readily available to be sold to a developer, to a consumer, or to deed to a club.
“Concord is creating a new industry standard in streamlining the process and offering solutions. This is literally a game changer in the timeshare industry when it comes to loan satisfaction and inventory recovery,” says Concord President & CEO, Robert “Bob” Bertrand.
“We are pleased to partner with Concord’s Blackwell Recovery® to provide an economical and efficient inventory recovery option to developers, HOAs and consumers,” said John Snelgrove, First Vice President, Old Republic National Title Insurance Company. “This solution streamlines processes and eliminates multiple vendor management functions to allow developers and resorts to provide additional focus on areas of customer and guest satisfaction.”
Old Republic Timeshare Services provides comprehensive and customizable inventory tracking, title insurance services, escrow closing and inventory recovery solutions to the vacation ownership industry and is a part of the Old Republic Title Insurance Group (ORTIG), a wholly-owned subsidiary of Old Republic International Corporation (NYSE: ORI) one of the nation’s 50 largest publicly held insurance organizations. ORTIG is comprised of a multitude of title and related services companies, and is the parent company of Old Republic National Title Insurance Company (ORNTIC), formed in 1907, and American Guaranty Title Insurance Company dating back to 1896. Since 1992, no other title insurer has had higher overall ratings than the ORTIG.
Concord works with developers, vacation clubs, homeowner associations, travel clubs and campground memberships, with a specialized house of branded tools including Blackwell Recovery®; Qualifly®, a mobile-friendly application that identifies in real time an individual’s FICO® credit score range; C2-Command and Control®, a workflow solution that empowers users to manage collection strategies; DOCKit®, a tactical task scheduling and tracking tool; and Interlink®, an award-winning software platform which allows the user full control of consumer touch points.
The company presently services in excess of 1.7 million loan and maintenance fee obligations with a portfolio value of $4.3 billion, making Concord by far the largest servicing and technology company in the timeshare industry. More than 180 dedicated professionals are located between company headquarters in Scottsdale, AZ and satellite offices in Buffalo, NY, Orlando, FL and Mexico City, Mexico.
For more information on Concord’s Power, Performance and Personalization key focus areas, sophisticated set of tools and other specialized services, visit www.Powerof Concord.com or contact Vikki Gorman, Business Development, at vgorman@PowerOfConcord.com or (480) 998-7585; or press contact Kathy Hernandez at email@example.com or (407) 381-0428.ac