DepotPoint Inc. has customized its TrackPoint foreclosure management software to handle Nations REO Inc.’s workflow and property management operations, the companies said.
Nations REO, a division of FMC (Foreclosure Management Co.), manages thousands of bank-owned properties, or REOs. The company’s customers include large mortgage lenders and banks, loan servicers and private-equity firms.
TrackPoint, a Web-based platform that can be integrated with existing client systems or operated on a standalone basis, allows users to manage properties throughout the entire foreclosure process online. TrackPoint offers modules that are tailored for processing short sales, loan modifications and foreclosures, managing workflow, data integration and reporting.
DepotPoint configured its TrackPoint REO module to meet Nations REO’s needs.
Nations REO has protocols for communicating with brokers in the disposition of REO properties, for example, which the TrackPoint platform was customized to maintain, said Chuck Burton, FMC president, in a company announcement. Real-time system updates allow the company’s clients to know "exactly what we know about their properties," he said.
DepotPoint said custom configuration and deployment of the TrackPoint platform can be accomplished in less than six weeks.
TrackPoint launched in 2006, after DepotPoint saw the need for an application that manages communications between everyone involved in the foreclosure process, and tracks the status of each property from default to auction. The only software available at the time for automating the foreclosure process had been developed years ago for the title insurance industry, the company said (see story).
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