Online Platform Tallies REO Sales Handled Since '03

REOTrans, Los Angeles, has seen some $45 billion of defaulted-upon real estate sold through its online system since the company was founded in 2003. More than a half a million properties have been handled through the platform, according to CEO Chris Saitta. Mr. Saitta describes REOTrans as both a workstation and a marketplace. The workstation is a configurable system that allows lenders and servicers to execute their REO, short sale and loss-mitigation strategies with real-time oversight and compliance, according to the CEO. The marketplace is an exchange where 6,500 sellers, 10,600 vendors, 485,000 real estate agents as well as other market participants handle more than 150,000 transactions every day, the company said. REOTrans operates offices in Los Angeles and Newport Beach, California; Dallas, Texas; Portland, Oregon; and Chicago, Illinois.