""Woodward Asset Capital"":http://www.woodwardassetcapital.com, a Michigan-based private equity firm, has announced updates and improvements to its OfferSubmission and VerifiedShortSale products, which were developed to speed transaction times, prevent fraud, and ensure loss recovery for asset owners.[IMAGE]
The online technology applications work with enterprise servicing or asset management systems used by banks and mortgage servicers to simplify and streamline the sale of distressed assets.
""OfferSubmission"":http://www.offersubmission.com/ connects the various parties involved in the REO sales process. ""VerifiedShortSale"":http://www.verifiedshortsale.com does the same for pre-foreclosure property sales.
""We created both products to answer problems in the REO and short sale space,"" said company president, Ronald Jasgur. ""Our newest features enable literally every stakeholder involved in a distressed asset sale to take an[COLUMN_BREAK]
active role, stay engaged, and ensure greatest loss recovery. Transparency is key, and the results our systems deliver are truly game-changing.""
Updates include rules-based offer routing and decisioning, enabling the loan servicer, senior management, outside third-party investors, and mortgage insurers to weigh-in on sale negotiations between the asset manager and buyer's agent in real time, shaving days off the sales cycle.
The company also improved the products' buyer's agent support system, which features a live agent chat and self-support knowledge base. Another change is enhanced reporting and tracking of key performance indicators by portfolio, asset manager, and employee.
Since the launch of OfferSubmission in January 2009, one in five REO sales close above list price every month, according to Woodward. In the first quarter of 2011, the company says assets that sold above list price returned an additional $979,000 to asset owners before considering other savings like reduced days on market.
Woodward says these results are universal among the systemÃ¢â‚¬â„¢s users. The company cites one national asset management firm that recently began negotiating REO sales via the OfferSubmission platform has seen its closed deals average 101.83 percent of the listed price since the beginning of May.
""The engagement of the asset owner and the ease of communicating with all parties is what drives results,"" said Jasgur. ""I'm not sure who is most excited about their numbers ... us, the asset manager, the servicer, or the asset owner.""