Security National Servicing Corporation

August 6, 2008 by · 1 Comment
Filed under: National REO Banks 

In 1996,  Security National Properties opened as a commercial real estate company that specializes in the acquisition, development, and management of office and retail properties.  In 1998, SNP issued their first bond securitization, providing investors an opportunity to participate in pools of performing assets.

Today, the Company manages a diverse portfolio of residential and commercial assets as well as a select group of non-real estate loans. We anticipate continued growth as a result of our success in procuring new portfolios, effectively managing our assets, and strategically diversifying into related business activities.


At the time of this writing, they have REO property in every state in the U.S.  The listing pages are very basic with few having actual pictures.  After reviewing a handful of listings in different states we would recommend just contacting the broker and getting some concrete information.


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Private Financial Services REO Properties

August 6, 2008 by · Leave a Comment
Filed under: Regional REO Banks 

This will be a short review being that Private Financial Services only had a single REO property listing at the time of this writing.  PFS is a property management company that specializes in Oil & Gas properties with mineral rights.  They have provided services for Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, Bank of Arizona, Colorado State Bank and Trust, Bank of Arkansas, Bank of Kansas City, and Southwest Trust Company.

For the single listing they had it did not have a picture.  It does have some basic real listings information and contact information for the broker representing the property.   Maybe in the future we will see more listings.


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Keystone Asset Management REO Properties

August 1, 2008 by · Leave a Comment
Filed under: National REO Brokers 

Keystone Asset Management was founded in 1995 to help banks and financial institutions moving inventories of real estate assets at fair market values.  They are a nationwide REO property broker with listings in almost every state at the time of this writing.

It is a very basic REO search with the ability to search by city, state and zip code.  You can also set the number of results you would like to see per page.  The REO property listing details are pretty basic with address, price and real estate broker contact information.   About 50% of the listings have pictures.   Happy Hunting.


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Citi Mortgage Bank REO Properties

July 27, 2008 by · 5 Comments
Filed under: National REO Banks 

Citi Bank through its subsidiary CitiMortgage has its REO listings available on its website.  It is a pretty clean website with a robust search function.

At the time of this writing, Citi has only residential REO listings with single and multi-family property listings.  Citi has listings for almost every state in the U.S.

The listing themselves do not have pictures or any additional information about the real estate.  They do list the brokers phone number.


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U.S. Government regulators close two more banks

July 26, 2008 by · Leave a Comment
Filed under: Bank Failure, Industry News 

After breezing through Reuters on this Saturday morning, I found this article about two more banks being closed after regulators deemed they were undercapitalized and were no longer able to operate as a banking institute. First National Bank of Nevada and First Heritage Bank NA of California are the banks of subject.

First National Bank of Nevada, had total assets of $3.4 billion and $3 billion in deposits. First Heritage, described as critically undercapitalized, had assets of $254 million and $233 million in deposits, regulators said.

The FDIC said the cost of the transactions to its insurance fund is estimated to be $862 million, adding that the two failed banks represent just 0.3 percent of $13.4 trillion in total industry assets at about 8,500 FDIC-insured institutions.

FDIC has made the commitment that all the branches will be open on Monday morning so depositors have access to there deposits.

Source: Reuters

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