New Broker Portal Reduces REOs’ Days On Market

Mortgage Contracting Services (MCS), a nationwide property preservation and inspection services provider to the financial services industry, has launched Broker360, a Web-based portal that allows real estate owned property (REO) brokers to 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.

Broker360 works in union with MCS' existing Web-based client platform, MCS360, but is designed specifically to enhance the communication among the servicers, field service providers and real estate agents managing the sales process of REO properties, the company says. While MCS360 is a client-based Web portal, Broker360 essentially performs the same functions for individual real estate brokers, thereby providing them with up-to-the-minute information about their properties and affording them a direct line of communication with their asset preservation coordinator.

After logging into the system, brokers assigned to manage properties by MCS' mortgage servicing clients can view information about their properties, including inspection results, work-order details and photos of completed work. If they elect to do so, brokers can "watch" selected properties, allowing them to receive e-mail notifications when MCS completes work at one of the designated properties. The e-mails are automatically generated through Broker360 once a work order or inspection has been fulfilled and validated by MCS, the company explains.

Real estate agents also have the ability to request work for the properties they manage through Broker360, with the option of selecting from the range of maintenance items currently performed by MCS. Once a request is received, MCS immediately notifies the client's asset manager and, if approved, obtains a bid and completes the work.

SOURCE: Mortgage Contracting Services


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