Fiserv Integrates REO.com into MorgageServ Automation Platform
Fiserv has formed a strategic alliance with REO.com to integrate the online REO firm's Offer Management System into the workflow of the MortgageServ loan servicing platform.
The combination will help improve productivity and reduce costs for lenders, servicers, asset managers and real estate-owned listing brokers who are involved in mortgage default management and the sale of REO properties.
According to Sadu Thinakal, president of Fiserv Mortgage Servicing Systems, the addition of OMS will enhance the browser-based MortgageServ's extensive REO offer/listing management controls and workflow management tools.
"Integration of the MortgageServ platform and REO.com will result in a more efficient liquidation of real estate- owned properties for joint clients," Mr. Thinakal said. "Electronic, real-time management of the entire REO disposition process is the future of how servicers and agent networks will communicate and interact."
Robert Knohl, co-president of REO.com, said the integration of the systems is a way to bring greater value to its client base. "The alliance and bidirection interface will shorten time delays and create a better yield on nonconforming portfolios - a major benefit to MortgageServ clients and the investor/insurer community," Mr. Knohl said.
REO.com's OMS product will act as the communication hub between agent networks and MortgageServ clients. MortgageServ clients will also have the opportunity to secure additional Internet marketing exposure for REO listings through REO.com's distribution partners.
Dana Keith, REO.com's other co-president, said his firm facilitates communication between asset managers and the real estate agents that are retained to sell foreclosed homes. While the company's website advertises homes directly to consumers, Mr. Keith told MSN that he believes real estate brokers will continue to play a role in most REO sales.
"What REO.com provides to our clients is an offer management system, and really what that is, is a communications hub," he explained.
The system allows an asset manager to select a real estate agent, and send out the appropriate forms and information to them. The real estate broker then enters additional information about the home that is stored in the REO.com system and pushed back to clients. When an offer is received, the broker can submit it to the asset manager and obtain an acceptance, rejection or counteroffer. Everything that happens on the system is recorded and date-stamped.
"At the end of the day, what we've done is harness the listing agent as the data entry person for the mortgage lender," he said.
Realtors use the company's Web-based system through a username and password system.
He said lenders using Fiserv's MortgageServ platform essentially get an expansion of the current REO module as a result of the addition of REO.com. Once a loan goes to REO status, a lot of information has been gathered about the collateral. A client can set triggers to send an order to REO.com, automatically inserting data into its system.
Currently, REO.com is marketing about 6,000 properties through its clients. And Mr. Keith said that the market is likely to grow. Some 180,000 properties nationwide are in pre-foreclosure status, according to tax records and other data obtained by the firm.
"As volume increases, institutions are looking for ways to leverage technology in lieu of hiring additional employees to handle the growing workload," he said.
REO.com is based in Los Angeles. It is a provider of real estate-related workflow products, property listings and offers management services to the real estate industry.
The browser-based MortgageServ system is a solution for mortgage and equity line of credit servicing and management. MortgageServ operates on a real-time basis to provide fast transaction updates, task tracking and work queuing. The MortgageServ system includes support of private-label subservicing, integrated default management and subprime functionality within the core system.
Fiserv, headquartered in Brookfield, Wis., provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, and business process outsourcing and software. The company serves more than 13,000 clients worldwide, including banks, broker-dealers, credit unions and savings institutions. Fiserv reported $2.3 billion in processing and services revenue for 2002.
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