Orange County, Calif.-based Ticor Title Co., a real estate title company and subsidiary of Fidelity National Financial Inc., has selected DepotPoint Inc.'s Default and REO TrackPoint online workflow applications to streamline the tracking and management of properties in various stages of distress.
TrackPoint, a vertical processing system, collapses the time it takes to move properties through the default process. Ticor customers should benefit from reduced property carrying time and costs as a result, according to the company.
In addition to property tracking, TrackPoint features electronic calendaring with alerts and digital document processing. Audit-ready 24/7, TrackPoint ensures nationwide compliance to foreclosure guidelines, as the system allows for state-by-state exception handling for debt disputes, forbearance, loan reinstatement, bankruptcy and other issues.
Default TrackPoint and REO TrackPoint are available on a standalone or integrated basis from DepotPoint, which provides online information and technology services to banks, mortgage servicers, outsource service providers and investment firms.
"Given the high volume of distressed properties today, it's time-consuming and expensive for mortgage lenders, servicers and outsourcers to place them into foreclosure, manage and market them," says Tom Gordon, executive vice president, business solutions, DepotPoint. "In this environment, servicers and outsourcers are forced to hire more staff, train them and manage them among multiple service centers. With such high support costs, banks and servicers are eager for each team member to handle more properties and to load-balance between servicing centers."
SOURCES: Ticor, DepotPoint
