Advertisement

Article

Innovative Solution to HOA Challenges Helps Lenders and Servicers

Sperlonga Data and Analytics focuses on the growing problem caused by liens and claims from homeowners' associations

PR Newswire

ARLINGTON, Va., June 1, 2011

ARLINGTON, Va. , June 1, 2011 /PRNewswire/ — MMREM of Arlington, Virginia , a national asset management firm that deals with multiple federal agencies as well as private sector mortgage servicers, investors and insurers, has announced the launch of its subsidiary, Sperlonga Data and Analytics.  The new company bridges the gap between the mortgage industry and homeowners' associations (HOAs), whose claims for unpaid dues frequently create problems and delays in the process of reselling foreclosed and defaulting residential properties.  A growing problem for servicers and investors, liens and other claims from HOAs cause hundreds of millions of dollars in losses for the mortgage industry annually, largely because parties have no means to contact one another.

Sperlonga Data and Analytics provides a centralized repository for information from HOAs, enabling contact and dialogue with lenders and other lien holders.  Most importantly, Sperlonga assists in seeing HOA obligations resolved before they can cause problems and even block property re-sales and dispositions.  

Matt Martin , Sperlonga's chairman and CEO of MMREM, clearly saw the need for a solution.  “After hearing again and again of homeowners' associations creating issues at closing for parties wanting to buy and sell assets, it became evident that this problem was costing the industry tremendous amounts of time and money,” he said.  “With no single source of reliable association data or standardization in place to manage this process, we saw an immediate opportunity to deliver a solution with real value for all parties.”

Sperlonga provides a centralized repository for associations to submit demands for unpaid HOA dues, which in some states supersede virtually all other liens. Sperlonga then directs the claim to the appropriate party for payment, generally a servicer, bank, or other lending institution.  “We regularly hear incredible stories of frustration from associations trying to submit demands,” Martin said.  “We have heard many accounts of associations taking their claims down to the lender's local bank branch to drop them off, which of course doesn't work.”  He noted that HOAs are not typically trying to sabotage property resale transactions – they just want their back dues paid from the defaulting property.  “Our web portal empowers associations to quickly and easily submit demands to the right place and provide our servicing partners the ability to ensure timely payment,” Martin said.  “Resales go much more smoothly when HOA liens aren't popping up at closing.”

Martin added that other products Sperlonga Data and Analytics offers for servicers include complete outsourced management for the clearing and resale certification process, validation of payment during a modification, and non-recorded delinquencies when a servicer is considering a short sale or deed in lieu of foreclosure.  “Millions and millions of dollars are spent on late and legal fees as well as other assessments due to untimely payments,” he said.  “We are here to bridge the divide and allow our clients to save substantial sums of money and mitigate risk, while laying the groundwork for the prevention of future problems with HOAs.”

About Sperlonga Data and Analytics

Based in Arlington, Virginia , Sperlonga Data and Analytics is an affiliate of MMREM, a national asset management firm whose clients include multiple federal agencies and private sector servicers, investors and insurers.  Sperlonga Data and Analytics was created to provide a centralized interface for homeowners' associations (HOAs) and servicers in order to help stakeholders minimize losses associated with transaction delays and lost revenues caused by HOA claims.  The company also provides additional outsourced management services for the clearing and resale certification process.  Additional information is available at www.SperlongaData.com.

Press Contact:
Jim Hennessy
Strategic Vantage Marketing & Public Relations

858.774.0201

SOURCE MMREM

0 comments on “Innovative Solution to HOA Challenges Helps Lenders and Servicers

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.