Standby Property Manager
CPS provides oversight to the entities managing properties in rental securitizations and is positioned to take over primary property management – while minimizing disruption to cash flow and tenant experience – for any and all entities included in a transaction. Services include data and document aggregation, analysis, reporting and audit functionality.
Data and document aggregation includes the collection of initial data and all critical documents associated with each property, as well as conducting monthly data updates regarding property level, rental performance, property condition and all financials. Document retention is provided for all critical items including leases, HOA documentation, inspection reports, applications, valuations, HUD documentation, title policy and PM agreements.
Periodic reviews and audits are conducted to verify that all data collected matches physical documents, property manager performance is on par with CPS's strict standards, and all services are in compliance with Fair Housing laws. A comprehensive analysis is provided, leveraging CPS’s extensive expertise in managing single family rental properties.
Morningstar Credit Ratings, LLC has assigned CPS a rating of MOR RV 1 – the highest given by Morningstar – in its assessment of the company’s operational infrastructure and client-driven performance as a residential REO asset manager and residential single family rental property manager. Morningstar also assigned Carrington a forecast of “Stable” reflecting its pervasive audit, quality control and compliance culture across the enterprise based on a solid training regimen, comprehensive and client-driven policies and procedures, internal performance monitoring and reporting, and proactive vendor management protocols.