Network of Realtors Target REO Market
DepotPoint, a Seattle-based provider of technology and servicers for the default real estate market, is partnering with Alpha Closing to build a network of real estate agents who are trained to help asset managers, loan servicers and banks dispose of foreclosed homes.
The two firms say the DepotPoint's REO TrackPoint can help reduce the time it takes to move properties through the foreclosure process, reducing carrying time and costs for lenders that face growing portfolios of real estate owned assets.
The technology features electronic calendaring with alerts and digital document processing, DepotPoint said. TrackPoint includes audit features to ensure compliance with state and lender standards. The software relies on a vertical processing of tasks to assist those involved with REO sales.
Alpha Closing will be responsible for qualifying and certifying real estate agents before they are allowed access to potential REO listings. Alpha collects information on the agents that are allowed in the network so that servicers or other REO managers know the agents are qualified to handle default property transactions. Tom Gordon, an executive vice president at DepotPoint, said the Alpha Agent Network is different from other REO services.
"Brokers and agents must be qualified or certified to participate. That's how we ensure our clients receive the best service in the interest of expediting property dispositions," Mr. Gordon said.
Cayce Lee, an EVP at Alpha Agent Network, said the DepotPoint technology is "the most efficient solution available to handle REO properties on a national level."
Alpha expects its network of real estate agents and brokers will grow to 10,000 or more.
The companies hope servicers will use the network in order to expedite sales. Typically, REO disposition takes from six to nine months, with each month adding 1% to 1.25% of the home's value in costs.