AMS Servicing Deploys Default Servicing Platform from DepotPoint
March 28th, 2011National Specialty Servicer to Automate Transactions with TrackPoint
Bellevue, WA and Depew, NY, March 28, 2011 – DepotPoint, Inc., a leading provider of web-based default management workflow solutions, announced that AMS Servicing LLC, a national specialty servicer for residential and small balance commercial mortgages, has selected DepotPoint’s TrackPointSM default servicing platform to facilitate short sale transactions on behalf of its clients.
As a specialty servicer, AMS Servicing processes short sale transactions for mortgage servicers and investors and has particular expertise with the federal Home Affordable Foreclosure Alternatives Program (HAFA). AMS Servicing is now using TrackPoint Short Sale along with its unique short sale underwriting process and experienced staff to create customized, end-to-end short sale processes that work with the systems of individual servicers. The DepotPoint TrackPointSM platform is an enterprise-class, web-based workflow engine and tracking system for managing default transactions, including short sales. Because it is fully HAFA-compliant, TrackPoint also allows AMS Servicing to take greater advantage of government incentives designed to help borrowers sell their homes through a short sale versus a foreclosure.
“With recent changes to HAFA requirements, we are forecasting a significant growth in short sale opportunities,” said AMS Servicing Executive Vice President James DePalma. “To capitalize on these opportunities, it is critical for our technology to integrate with our client’s systems, so we need a platform capable of customized data exchange, process management, and reporting. We performed months of due diligence and looked at a lot of platforms, and frankly, DepotPoint was the best in class for a ready-today short sale portal.”
Joe Filoseta, president and CEO of DepotPoint, agreed that HAFA changes would help fuel more short sales, thus increasing the need for automating the process. “With job growth and property values still lagging in many parts of the country, we know there will be many more homeowners looking for help. It is good to see companies like AMS Servicing step up to the plate, and we feel privileged to give them the tools with which to help servicers and homeowners toward the best possible outcomes. No one wants a foreclosure, so we look forward to working with AMS Servicing to keep more of them from happening.”
TrackPointSM is an enterprise-class solution and the foundation of DepotPoint’s default servicing applications, including TrackPoint Short Sale. It includes a flexible workflow engine, custom reporting, configurable process controls, and data and document management. By automating and streamlining default transactions, TrackPoint allows servicers and investors to recover distressed assets faster, reduce costs, and scale operations. TrackPoint’s innovative workflows effectively assist users through each step of a transaction, assigning, automating, scheduling and tracking each task, including third-party service providers. The technology is deployed as a web-based, software-as-a-service (SaaS) platform, hosted and administered by DepotPoint.
About DepotPoint, Inc.
Based in Bellevue, Washington, DepotPoint brings technology innovation to the servicing of non-performing residential assets, developing solutions that bring greater transparency, efficiency and intelligence to every default transaction. The company’s core technology platform incorporates a workflow engine and tracking system used in applications across the entire default servicing value chain. Its TrackPointSM platform is an enterprise-class, web-based SaaS solution featuring multiple best-of-breed applications that provide an end-to-end default solution for investors, servicers and asset managers to manage REO sales and short sales. DepotPoint was established in 2005. For more information on DepotPoint, please visit www.DepotPoint.com or call 866.841.5641.
About AMS Servicing
Headquartered in the Buffalo suburb of Depew, New York, AMS Servicing, LLC is a specialty servicer offering a broad range of customized services and solutions to its clients, which include some of the nation’s top servicers and investment funds. Its highly experienced senior management team has a proven track record in optimizing the performance of high-risk real estate portfolios and providing superior component servicing programs. Please visit www.ams-servicing.com or e-mail moreinfo@ams-servicing.com for further information.
