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37 ยป VISIT US ONLINE @ DSNEWS.COM FIVE MINUTES WITH Get to Know Industry Executives Beyond the Boardroom As the President of Carrington Property Services, Kevin Cloyd is well versed in property management and protecting institutionally owned assets. With more than a decade under his belt at the executive level, Cloyd believes his holistic approach to property management is what sets his company apart. Why have you all been so successful in the REO-to-Rental space? With seven years experience specializing in single family rentals, Carrington Property Services has been successful as a property manager in the REO-to-Rental space due to our intimate understanding of the details of tenant management. Our job is to protect the client's assets while mitigating potential risk and reputational concerns due to liabilities placed on an owner/landlord, of property versus a lien holder of an asset. Institutional ownership potentially has more risk due to perceived deeper pockets. As an owner/landlord you be concerned with what happens with a tenant and/or property on a daily basis. That is why tenant safety and habitability is a primary concern of ours and just one reason an owner would hire Carrington to manage the asset. In addition, Carrington Property Services is a national property manager with scalability providing our clients with a single point of contact to handle their assets across the country. We are licensed in all 50 states and currently manage several thousand properties in 46 states today. How is Carrington Property Services different in its approach to rental management? What differentiates Carrington Property Services from our competition is our holistic approach to property management. Our company's integrated business model leverages the experience and expertise of Carrington's continuum of real estate oriented businesses providing us a wealth of opportunities to meet our client's needs. These additional services include REO Asset Management, property evaluations, title, closing services, and nationwide real estate sales. Few, if any, other companies have the ability to offer such an integrated approach and deliver extraordinary results in this fashion. Reporting is a hallmark of CPS, what are the benefits to the level of trans- parency you provide? Carrington Property Services is able to aggregate all data into a single source for our clients through our trademarked application, RentPointe. All property, tenant data, and documents are managed through our system providing our clients real time access to property level asset information through our client Web portal. To date, we have managed more than 40,000 properties on the platform, which ensures consistency and quality control on a national scale. The RentPointe applica- tion also helps us manage the more than 400 property managers in use nationwide, by providing a wealth of reporting that is used at all levels of the organization. What's the biggest regulatory change impacting the industry today? The expanding examinations and oversight activities of the federal government in all aspects of consumer finance are probably the biggest regulatory change in the mortgage industry. This increased regulatory scrutiny requires that service providers spend a lot of time with regulators and their clients to answer questions, help them understand our businesses, and to collaborate on how to manage in this new environment. This illustrates why compliance and continuous training, two areas where Carrington is an industry leader, are crucial for success. You cannot operate in any aspect of today's housing market unless your operations are fully compliant and you are very focused on training your personnel on a continual basis. As for the rental market specifically, rental registration requirements in individual states/municipalities are on the rise, which causes increased pressure to stay in tune with the changes. The major concern with property management today is ensuring you are complying with the Protecting Tenants Foreclosure Act (PTFA) when purchasing properties that are tenant occupied, in addition to compliance with Fair Housing requirements when qualifying prospective tenants. Carrington Property Services has expertise and controls in place in both of these areas to ensure compliance for our clients and our training protocols continue to maintain this focus. PRESIDENT OF CARRINGTON PROPERTY SERVICES Kevin Cloyd