REDC of Irvine, which has been doing a swift business in selling distressed homes, plans to enter the whole loan auction market, focusing on non- and sub-performing mortgages, and other note types.
The company also may enter the origination space. A spokesman for REDC, known formally as Real Estate Disposition, confirmed the auction company’s loan sale plans. REDC bills itself as the world’s largest real estate auction company.
A handful of firms have sprung up in the past two years to sell performing and troubled whole loans using the Internet.
Other loan auction companies include LoanMarket.net and BigBidder.com. REDC was launched early last decade.
At one time it was owned, in part, by Impac Holdings of California, once a top ranked Alt-A lender and servicer.
Impac is still publicly traded but is listed on the OTC “pink sheets” market. It no longer lends but continues to service a portfolio of mortgage assets.