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DepotPoint Releases New Short Sale Solution

Sep 29, 2010

DepotPoint Inc., a provider of default servicing workflow solutions, has enhanced its TrackPoint Short Sale technology to give asset managers and mortgage servicers greater flexibility and control over their short sale operations. The newest release, TrackPoint Short Sale 3.0, allows users to customize the handling of select portfolios by defining roles and responsibilities that are unique to a specific group of loans. TrackPoint Short Sale was first launched in 2008 and is now used by lenders, servicers and asset managers to manage assets through the entire default servicing process. Since the launch of the U.S. Treasury Department's Home Affordable Foreclosure Alternatives (HAFA) program, mortgage servicers have been required to offer borrowers the opportunity to sell their properties through short sale before it goes into foreclosure. However, short sales have been difficult to perform without the right technology, which has made solutions like TrackPoint Short Sale critical to the resolution of the nation's mortgage crisis. TrackPoint Short Sale 3.0's newest features provide banks, servicers and asset managers with the ability to customize and control their roles and responsibilities for each user according to the primary investor's or servicer's unique process requirements, the individual characteristics of a portfolio, or virtually any other objective. Servicers can now handle varied default workflows that include government programs like the Treasury Department's Home Affordable Modification Program (HAMP) and HAFA program, Fannie Mae and Freddie Mac's versions, and institution-specific programs based on a servicer's unique policies, goals and procedures. "The market was in dire need of a more flexible and customizable short sale solution," said Joe Filoseta, chief executive officer of DepotPoint. "Because of the vast number of disparate entities servicing loans, each with their own guidelines and objectives, it is extremely important that short sale technologies provide flexibility yet simultaneously ensure compliance in every work step. The nimbleness we've achieved in TrackPoint 3.0 gives our customers unparalleled processing efficiency that meets the needs of the most sophisticated servicing operations. The response we've gotten from our clients that have previewed 3.0 has been fantastic." TrackPoint Short Sale is one of the applications of DepotPoint's TrackPoint, a workflow-driven enterprise-class technology solution for servicing non-performing assets. TrackPoint is the foundation of DepotPoint's default servicing applications. The solution features an innovative workflow engine that assists users through each step of a transaction-whether short sale, deed-in-lieu or real estate-owned (REO)-and assigns, automates, schedules and tracks each task in that workflow, including service delivery performance of third party providers. TrackPoint is deployed as a Web-based, software-as-a-service (SaaS) platform and supplements the capabilities of in-house servicing systems. For more information, visit www.DepotPoint.com.
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