REIT Automates Due Diligence

Redwood Trust, a real estate investment trust specializing in residential and commercial trusts, has deployed Overture's Mozart Tape Cracking 2.0, a software program that enables secondary-market investors to automatically convert complex bulk loan data submitted by primary market lenders into their own formats."We're now able to receive and audit bulk loans from lenders more efficiently and accurately than ever before," said Gary Moore, vice president of information technology for Redwood Trust. "Tape Cracking 2.0 automates a lot of the processes that surround the conversion of nonstandardized data into an investor's own format, making it faster, easier, and more efficient for us to move forward with the evaluation processes." Among the enhancements that distinguish Tape Cracking 2.0 from the original product are an improved ability to manage multiple templates and outputs; a better auditing trail; improved ability to incorporate non-input data; enhanced data mapping capabilities; enhanced cleaning of data errors; and improved error logging.