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National Residential Rental Services

National Residential Rental Services (NRRS), a division of First American's National Default Title Services (NDTS), brings to the market a centralized, national rental management platform for single family properties that effectively supports rental strategies and is compliant with the Protecting Tenants at Foreclosure Act of 2009.

NRRS provides owners and servicers of residential Real Estate Owned (REO) properties an efficient execution of rental loss mitigation strategies throughout the Continental United States and the District of Columbia.

Our business model has been designed as an additional alternative or tool to be readily adapted into the mortgage industry's current default servicing and REO management processes, practices, and infrastructure.

Prospective clients include private and public REO and mortgage investors and owners, mortgage servicers, REO asset management providers, mortgage insurance companies and others.

Value-Added Benefits

  • Significant "resident expertise" within NRRS staff and management that incorporates an intentional mix of experience in property management, mortgage and REO servicing, and mortgage investment and work-out disciplines
  • Improved controls, efficiencies and economies of scale through centralized management and national scope
  • Focus on enhancing the return, liquidity, and marketability of the underlying asset serviced
  • Superior process adaptability for institutional investors through "à la carte" services and ease of integration with existing service providers

Products & Services

Core Services Offered
  • Standardized Lease Documentation
  • Resident Screening and Qualification
  • Collections and Resident Services
  • 24/7 Call Center and Emergency Repairs
  • Client Lease Servicing Agreement (modeled after standard mortgage PSA)
  • Rent and Remittance Administration
  • Financial Reporting and Property Level Accounting
Ancillary Products and Services
  • Rent vs. Sell Evaluation Model
  • Home Warranty Coverage
  • Renter's Insurance
  • Home Inspections (interior and exterior)
  • Routine Repair Services
  • Flood Zone Determination
  • Property Tax Data and Administration
  • Homeowner's Association (HOA) Fee Administration
  • Eviction Management
  • Hazard Insurance Claims Administration
  • Deed for Lease
  • REO Asset Management (strategic partnership with established vendor)

Value Proposition

Investors

Our comprehensive "one-stop shop" solution goes beyond property management services with a focus on developing and delivering the tools necessary to maximize the investment return from residential property rental strategies. Our model includes "sell vs. rent" analytics that support maximizing financial recovery for holders of REO portfolios.

Servicers

Our model is readily adaptable into existing default servicing processes and effectively supports compliance with the Tenant Protection Act legislation of 2009. We can partner with mortgage servicers to provide rental management as an added value to your clients.

REO Asset Management Vendors

Our platform is designed to complement existing disposition strategies for the client's tenancy compliance or a "rent and hold" approach across multiple state markets.

Why Rent?

  • Supports compliance with the Protecting Tenants at Foreclosure Act of 2009
  • Generates a net positive cash flow return during the holding period from the rental income
  • Improves control and flexibility of the timing and supply of REO being listed for sale
  • Reduces supply of competing properties by shifting from "for sale" to "for rent" category
  • Increases supply of rental properties for individuals and families displaced by foreclosure who are therefore not credit-eligible for new mortgage financing for a period of time
  • Potentially increases demand for housing by prospective buyers who are given a "rent with an option to buy" alternative, or prospective buyers with insufficient savings who are given a "rent to own" option
  • Enhances marketability of "investment properties" by offering the property for sale with a lease and tenant in place
  • Leases associated with the rental of these properties are marketable, can be sold, and therefore become a liquid asset