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MCS Launches Broker360 to Reduce REOs’ Time on Market

""Mortgage Contracting Services"":http://www.mcs360.com (MCS), a nationwide property preservation and inspection services provider headquartered in Tampa, Florida, has launched Broker360, a Web-based portal that allows REO brokers to[IMAGE]access the status of preservation work completed by MCS. With inbound and outbound communication capabilities, the portal enables brokers to submit information and bid requests in addition to receiving electronic notifications regarding the properties they manage.

The company says its approach greatly enhances communication between servicers, field service providers, and real estate agents, and in turn will help reduce the amount of time it takes to market and sell REO properties.

Broker360 works in union with MCS' existing Web-based client platform, MCS360. The company explained that MCS360 was developed in response to the industry's need for software that allows for two-way communication as well as real-time delivery of work order results. While MCS360 is a client-based Web-portal, Broker360 essentially performs the same functions for individual real estate brokers, providing them with up-to-the-minute information about their properties and affording them a direct line of communication with their asset preservation coordinator, MCS said.

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This advancement in the speed in which information is sent and received allows asset managers to make more timely decisions with regards to preservation initiatives, which ultimately enhances short- and long-term maintenance as well as enables them to move the sale of these properties at a faster rate, according to MCS.

Chad Mosley, VP of operations for Mortgage Contracting Services, said, ""It is important that we continue to promote cohesion and further develop our working partnership with brokers. With more and more properties adding to an already swollen REO inventory each day, it is vital that we do all we can to assist real estate agents in the selling process.""

Brokers assigned to manage REOs by MCS' mortgage servicing clients can view information about their properties including inspection results, work order details, and photos of completed work.

Agents also have the ability to request work for the properties they manage through Broker360. Once a request is received, MCS immediately notifies the client's asset manager and, if approved, obtains a bid and completes the work. This process changes the way MCS and brokers communicate with their servicer clients in that it centralizes the communication to one source for asset managers.

Mosley added, ""Broker360 will not only increase communication between MCS and real estate brokers, but it will also make that communication more efficient, allowing us to perform our work faster, hopefully reducing the time properties are on the market and the cost our clients have to spend to maintain them. In giving brokers the ability to view work upon completion and opening an additional avenue to communicate with our shared clients, we can help them trim down sale cycles as well as portfolio volumes.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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