Industry NewsTechnology

Software automates foreclosure process

DepotPoint claims processing costs can be slashed by 40%
Published on Feb 7, 2007

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Lenders have largely automated the process of approving and servicing loans, so perhaps it's only natural to automate the process of foreclosure.

Although only a small percentage of homes end up in foreclosure, that percentage is growing, and foreclosure is a complicated and time-consuming process.

Without a centralized system for tracking records, a foreclosure can create a jumble of faxes, e-mails and phone calls, with the details of a particular file residing mostly in the mind of the person -- or people -- handling it.