DepotPoint Inc., a provider of default management workflow solutions, has announced that LRES Corporation, a provider of valuations and asset management for the mortgage, banking and real estate industries, has deployed DepotPoint’s TrackPoint REO solution to facilitate real estate-owned (REO) transactions on behalf of its clients. Specifically, LRES is using TrackPoint REO as its primary technology to manage the rapidly growing demand for REO sales.
“We selected TrackPoint because it enabled customizable workflows for the detailed REO process and because of the impressive network of real estate agents experienced in bank-owned properties through DepotPoint’s AgentConnect,” said Roger Beane, chief executive officer of LRES Corporation.
According to Beane, LRES was able to implement TrackPoint REO into its production process only three weeks after receiving an initial demonstration. Because TrackPoint REO is hosted by DepotPoint and provided as a Web-based software-as-a-service (SaaS), no software installation was necessary.
LRES agents will also benefit from DepotPoint’s latest solution, DataConnect, a new business intelligence tool that allows lenders, servicers and asset managers to aggregate and integrate data from multiple sources and systems when processing short sales, managing REO properties or pursuing other default servicing activities. DataConnect is available in conjunction with the TrackPoint platform.
“Given the nation’s growing inventory of REO properties as well as the increasing number of qualified buyers for these properties, we are thrilled to be working with LRES to get as many REO properties occupied as quickly as possible,” said Joe Filoseta, president and chief executive officer of DepotPoint. “LRES Corp.’s impressive list of clients gives both companies the opportunity to make a difference toward the recovery of the real estate market and our local communities. Our TrackPoint solutions allow asset managers to maximize the return on each property as well as customize processing activities depending on the particular needs of the investor. TrackPoint solutions also ensure transparency and accountability for all parties involved in an REO sale, which is important in an increasingly scrutinized and regulated servicing industry.”
DepotPoint’s TrackPoint is an enterprise-class workflow and tracking system and the foundation of DepotPoint's default servicing applications, including TrackPoint Loss Mitigation and TrackPoint REO. It includes a flexible workflow engine, custom reporting, configurable process controls, and data and document management. By automating and streamlining default transactions, TrackPoint allows servicers and investors to recover distressed assets faster, reduce costs, scale operations and ensure compliance. TrackPoint's innovative workflows effectively assist users through each step of a transaction, assigning, automating, scheduling and tracking each task, including third party service providers. The technology is deployed as a Web-based, SaaS platform, hosted and administered by DepotPoint.
For more information, visit www.DepotPoint.com or www.lres.com.