Industry NewsTechnology

Software automates foreclosure process

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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. The only software applications available for automating the foreclosure process were developed years ago for the title insurance industry, not lenders, according to DepotPoint, which developed its TrackPoint application specifically for lenders. TrackPoint is a Web-based solution that manages communications between everyone involved in the process, and tracks the status of each property from default to auction, said Chris Matty, vice president of marketing at...