Susan Smith, Staff Reporter
THE JAMAICAN Redevelopment Foundation (JRF) parted company with Dennis Joslin Jamaica Inc. last month as it opted to handle its property portfolio on its own.
Beal Bank of Texas acquired FINSAC's bad debt portfolio for an initial payment of US$23 million in 2002. FINSAC's portfolio was sold to Jamaica Redevelopment Foundation, a subsidiary of Beal Bank which contracted Dennis Joslin Jamaica (DJJ) to carry out the loan collections.
"It's simply a governing business decision," said Janet Farrow in explaining why the agreement with DJJ was discontinued. A former consultant to DJJ, she is to head the Jamaican operations as managing director.
"We view this change as a way to enhance our overall responsiveness to our clients and the community," she continued.
She further explained that the changes are not necessarily accompanied by new strategies but are intended for a "smoother operation" of the business.
"There won't be any major change in our strategy, its getting things running smoothly without a middle person," she said. "JRF was the owner of the portfolio and Dennis Joslin was appointed as the servicer, so we have simply removed the servicer."
In addition, Ms. Farrow said the United States staff has been decreased from approximately 20 persons to nine while the JRF has retained all of the 35 Jamaican staff members formerly employed to DJJ. She explained that in the long term JRF is planning to increase the size of the Jamaican staff and further downsize its U.S. staff.
Ms. Farrow said the downsizing of the U.S. staff and the omission of a middle person is expected to generate savings for the company. However, these changes should not detract from the standard of service offered by the company.
"To further ensure continuity for borrowers and customers, JRF will operate from the same offices and will have the same phone numbers as DJJ," President of the JRF, Jonathan Goodman said in a statement received by Wednesday Business yesterday.