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34 MANAGING AND MARKETING HUD HOMES For asset management companies, winning a Management and Marketing (M&M) contract from the U.S. Department of Housing and Urban Development (HUD) can be a great business opportunity. However, before celebrating the win, or before even submitting a proposal, an asset management company must be prepared to quickly service the acquired portfolio, as well as meet HUD's program and security requirements. Meeting HUD's M&M III Program Requirements Asset management companies play an important role in the servicing of real estate owned by HUD. Upon receiving a HUD portfolio, the "transition-in" timeline to provide service is very aggressive, typically 30 to 45 days post-award. Asset managers take on the responsibility of coordinating all tasks from acquisition to closing. HUD's 10-step disposition process includes the managing of each property's condition, valuation, marketing and sale, and closing activity. While asset managers must be prepared to meet HUD's established goals and timelines, HUD also requires its M&M contractors to provide quality customer service, accurate reporting, and adhere to stringent security measures. HUD M&M III contractor responsibilities include, but are not limited to the following: » Establishing and executing its approved marketing plan. » Utilizing robust property valuation tools. » Selling homes to achieve the highest net return to HUD/ » Minimizing asset holding times. » Creating owner-occupant opportunities. is can be challenging for firms that do not have the technology and resources in place to provide efficient and secure services to HUD within the post-award timeline. Are You Ready to Begin Providing Services to HUD within 30 Days Post-Award? To meet the requirements that come with winning a HUD M&M III contract, it is essential that asset management companies have an internal system that streamlines the marketing and disposition workflow. Enhanced communication between its employees and the company's network of real estate agents includes documenting correspondence and tracking who has permissions to access asset information. When assessing the efficiencies of current systems, an asset management firm must determine whether it is able to implement a process that can seamlessly upload data from HUD's P260 reports. Additionally, to meet program timelines, asset managers need to establish a balance between utilizing efficient technology and having sufficient resources to provide real-time property condition information to HUD upon request. Asset management companies must be able to trust that the technology they use is reliable, flexible, tested, and secure. Aspen iFamily is Easy to Use, Quick to Implement Aspen Grove Solutions brings 10 years of experience in the provision of solutions to M&M contractors. We understand the importance of selecting the right technology to guarantee asset management companies can provide secure and efficient management and marketing services to HUD. e requirement that newly awarded contractors provide services within an aggressive transition-in window necessitated a technology that ensures M&M contractors can meet HUD's go-live deadline. Aspen Grove Solutions designed Aspen iProperty, part of Aspen iFamily, for asset management companies that are ready to take their services to the next level by meeting or exceeding HUD program requirements. Automation Ensures Security, Saves Time, and Reduces Risk Aspen iFamily provides a streamlined batch import process allowing asset managers to import HUD's new acquisition spreadsheet directly. is automated process eliminates the time and resources needed to reformat documents manually for upload into proprietary systems. Aspen iFamily technology helps asset managers navigate and manage HUD's 10-step disposition process while ensuring data security. is is accomplished through the automation and integration of data entered in the system. With Aspen iFamily asset managers can: » Utilize Aspen iFamily's New Acquisition Import Routine to import HUD's new acquisition report from the HUD P260 system directly without manually reformatting spreadsheets. » Capture and export enhanced reporting, including all vendor correspondence with a single click. » View property conditions easily with informational icons displayed on the system's property summary page denoting hazard, vandalism, outstanding HOA fees, and more. » Utilize Aspen iFamily's new Offer Import and Acceptance Routine to import HUD's bid history report from the HUD P260 system without manually reformatting spreadsheets. Aspen Grove Solutions specializes in providing technical solutions to the mortgage industry, with a focus on the default servicing space. If you are interested in learning how Aspen iFamily can help your organization manage your portfolio of HUD homes, log on to www.aspengrovesolutions.com or email sales@aspengrovesolutions.com. SPONSORED STORY