Financial Asset Services celebrates 30 years in business

February 2009: Irvine, CA - Financial Asset Services, Inc. (FAS), a national asset management company that provides superior property disposition and valuation services for mortgage companies and financial institutions, is celebrating its 30th year in business.

"It is really an amazing success story," said company President Stacy Seminoff. "The company was started with some very basic principles in mind; do right by the client and make sure they are serviced to the best of our ability."

Back in 1979, REO was not a very common term and was not well understood by mortgage companies or even some banks. Rod Surratt, the founder of FAS received a phone call from someone at a large mortgage company that had just foreclosed on its first property ever. "They had no idea what to do with the property, so they listed it with me," Rod explained. After successfully selling it, he didn't hear from them for a couple of months but when he did, they wanted to list 16 more properties with him. He knew he had found a growing niche.

The continued success in REO disposition gave rise to other avenues of business related to default management and what was a staff of 3 initially has grown to a staff of 40 today.

"We have seen many cycles in this business over the last 30 years," said Seminoff, "and we expect that the next few years will be very busy in the default management industry." She added that FAS is working to meet the needs of their clients today but also making sure they stay strategic in their thinking. "We have built a solid team of professionals and we are looking into other areas where we may be able to offer valuable services to our existing clients and to new ones as well."

For more information on how FAS can help you, please email marketing@fasinc.com.