As the nation’s housing crisis continues, millions of homeowners are facing foreclosure. Short sales are a viable option for homeowners in default to escape the threat of formal foreclosure. ""DepotPoint Inc."":http://www.DepotPoint.com, based in Bellevue, Washington, has introduced a short sale module to its TrackPoint online workflow application suite, which streamlines the tracking and management of foreclosure properties.
DepotPoint’s new short sale module facilitates the short sale process by tracking the collection of documents and information, and facilitating communication as part of the negotiation process between a homeowner, buyer, and mortgage company, DepotPoint explained in a press statement. The short-sale module can be used on a standalone basis or in conjunction with the company’s REO TrackPoint or Default TrackPoint applications.
TrackPoint is employed by asset managers and other firms to collapse the time it takes to move properties through the default process, from delinquency to foreclosure auction to REO asset sales. DepotPoint's EVP of Business Solutions, Tom Gordon, pointed out that with its vertical processing features and seamless processing of files across short sale, default, and REO cycles, the company's TrackPoint solution saves both time and money, and accelerates the recovery of nonperforming assets.
TrackPoint applications also feature electronic calendaring with alerts and digital document processing. With an audit-ready and built-in compliance knowledgebase, the TrackPoint suite ensures nationwide compliance to foreclosure guidelines as the only system with state-by-state exception handling for debt disputes, forbearance, loan reinstatement, and bankruptcy, the company explained.
Already using REO TrackPoint featuring the new short-sale module is ""Matt Martin Real Estate Management"":http://www.MMREM.com (MMREM), operating out of Virginia and Ohio. MMREM has facilitated more than 10,000 short sales, and participated in the development of DepotPoint's new short-sale module, including Beta testing.
""Short sales are often complex, time-consuming transactions,"" said Matt Martin, president and CEO of MMREM. ""In today’s high-volume environment, managing them can be even more cumbersome than usual. REO TrackPoint featuring the new short-sale module simplifies and streamlines the process. It’s the most comprehensive, efficient national online platform we’ve seen for managing and processing default properties.""
Gordon added, ""In the current environment, we’re all about helping clients process the tremendous volume of properties working their way through the system. TrackPoint serves asset managers, mortgage servicers, and other market participants who track and manage properties from the beginning to the end of the foreclosure lifecycle.""