Industry NewsTechnology

Lenders save money with foreclosure technologies

Part 3: Managing for a real estate downturn
Published on Aug 19, 2004

Editor's note: With experts predicting foreclosures to rise in the next year, many in the industry already have new strategies in place for how they'll manage this market change. This three-part series explores new technologies in play for lenders, investors and real estate agents who work with foreclosed properties. (See Part 1: Technology brings more competition to foreclosures and Part 2: Web sites streamline foreclosure.) Like other lenders, Bank of America has invested time and money into mortgage default management systems that work to prevent the bank from having to foreclose on homes. "We're very dedicated to putting customers into homes," said Bob Caruso, national servicing executive. "It doesn't do us much good to put someone in one and then take them right out of it." Nor does it make good financial sense. Foreclosure can be a time-consuming and costly process for lenders, which is one reason why taking someone's home is used as a last resort. And because...

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