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The Oklahoma-based technology developer ""a la mode"":http://www.alamode.com has teamed up with ""Real Property Insight"":http://www.realpropertyinsight.com to bring the industry a new valuation service for distressed assets.
[IMAGE]Real Property Insight is a specialized integrator of information and services focused on distressed asset disposition based in Maryland, and the company has selected a la mode's Mercury Network Vendor Management Platform to manage the valuation portion of its new product, the Real Property Insight (RPI) Report.
Designed for asset managers, banks, mortgage insurers, investment funds, and their front line staff, the RPI Report combines a certified home inspector's assessment, a contractor's executable repair bid, and a licensed appraisal report, all in one single tool for evaluating the best disposition path for a particular property.
a la mode estimates this valuation service will save the industry approximately $72 billion.
[COLUMN_BREAK]""Many financial institutions are struggling by using information tools they've always had, dating back to when foreclosures were rare and home prices were always appreciating,"" said Kim Thompson, president of Real Property Insight. ""With the flood of distressed assets in their portfolios now, they're set to lose at least $70 billion more than they should by relying primarily upon BPOs and other incomplete, obsolete reports.""
Thompson continued, ""Our RPI Report informs the full range of disposition options - from modification, short sale, and trustee sale to REO sale or lease - by asking the right local experts the right questions.""
The appraisal piece of the solution consists of a licensed appraiser Pricing, Income and Market Analysis form, which is available through a la mode's WinTOTAL software and connects users with more than half the nation's real estate appraisers, the company explained.
""Access to the most qualified appraisers and the ability to manage all of the assignments is critical to providing the timely, accurate information our customers need,"" said Thompson. ""That made a la mode our clear choice.""
Jennifer Miller, EVP of products for a la mode's mortgage solutions division, added, ""We're thrilled that RPI has chosen Mercury Network as their platform to manage the valuation aspects of this landmark product. RPI's thorough understanding of the real and urgent needs of today's asset owners and managers makes them a critical provider of REO services. Our Mercury Network clients will be armed with the information to save billions, and we're proud to help make that a reality.""
