Industry News

Technology streamlines foreclosure process

Part 3: Technology innovation in shrinking mortgage market

Editor's note: The mortgage market is shrinking and more lenders and mortgage brokers are turning to online lead-generation services and automated systems to stay ahead of the curve. In this three-part series, Inman News explores what online channels and automated processes the mortgage industry is using to attract customers and streamline lending in a tightened market. (See Part 1 and Part 2.) Foreclosures are on the upswing, and the mortgage industry is turning to automation to handle the explosion. Foreclosures jumped 72 percent in first-quarter 2006 compared to first-quarter 2005, according to RealtyTrac, a company that tracks U.S. properties that have entered the foreclosure process. The "sharp increase in foreclosures ... continues a steady upward trend that we've observed since the beginning of last year," James J. Saccacio, RealtyTrac CEO, said. "Right now there's a big push in the industry for default servicing software," said Brad Geisen, founder and CEO of Foreclosure.com...

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