DepotPoint Inc., a provider of default servicing workflow solutions, has announced the availability of DataConnect, a new business intelligence tool that allows lenders, servicers and asset managers to aggregate and analyze data from multiple sources, improving visibility and transparency to their default servicing operations. DataConnect provides an efficient means of aggregating and interpreting data from different sources about a property, as well as any other supplemental statistics or datasets that are relevant to the property. The result is a singular, comprehensive view into the meaning of all data associated with a default asset, thus enabling improved reporting capabilities and insight into the efficiency of the enterprise.
“In a typical default scenario, various parties are often talking to each other from their own perspective when it comes to information about the underlying real estate asset," said Joe Filoseta, DepotPoint president and chief executive officer. "As a result, meaningful data is often neglected or underutilized. DataConnect opens up the playing field for servicers, asset managers and their business partners. It’s about providing greater business intelligence for all facets of managing defaults.”
By having more complete information from a wide variety of sources immediately available through DataConnect, managers and other stakeholders can make better decisions about their assets and report in any format required by other parties in the transaction. DataConnect provides a centralized information path to reduced severity, faster resolutions and significantly improved financial results for servicers.
“Finding the best possible outcome for every mortgage default, particularly in the current economic environment, is difficult enough,” said Filoseta. “Anything that makes asset management smarter and more efficient benefits the entire industry, and that means innovative solutions like DataConnect that provide visibility to an enterprise’s overall performance and requirements for reporting both internally and externally.”
DataConnect is available in conjunction with DepotPoint’s TrackPoint platform, a workflow-driven, enterprise-class technology solution for servicing non-performing loans (NPLs). TrackPoint features an innovative workflow engine that assists users through each step of a transaction, whether short sale, deed-in-lieu of foreclosure or REO. TrackPoint assigns, automates, schedules and tracks each task in that workflow, including service delivery performance of third party providers, thereby keeping all stakeholders on track and avoiding delays. 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.