In a decidedly mixed blessing, technology venders in the default management service sector anticipate their business to continue to boom in the wake of higher mortgage default rates and a real estate market that continues to struggle to right itself amid an anemic economic recovery. Read More — >

Bellevue, WA-based DepotPoint, a provider of a Web-based tracking platform for the real-estate foreclosure market, has raised $2 million in equity out of a $4.5 million offering, according to a regulatory filing. Read More — >

If the focus last year was on loan modifications, in 2010 the focus is shifting to short sales, with a new federal program designed to provide relief to borrowers for whom loan modifications are impractical or impossible.

These challenges have created a new segment within the mortgage industry of companies aiming to help servicers deal with the extraordinary demand for short sales, as well as the hurdles to getting them approved. And the hurdles are significant. Read More — >

In reflecting on current industry circumstances, (DepotPoint President & CEO Joe) Filoseta has some ideas on how to get the secondary market back in the game.

If non-government entities are to re-enter the mortgage space, Joe thinks there are some things that need to happen to get them interested in mortgage again. Read More — >

Our four major criteria for inclusion of eligible vendors and service providers on our list are customer satisfaction, functionality, market share and viable revenue model.

DepotPoint brings technology innovation to the distressed property market with state-of-the-art solutions that deliver transparency, efficiency and intelligence to every default servicing transaction. Read More — >

The U.S. government is encouraging short sales as a solution to the nation’s still-growing foreclosure crisis, but insight from industry players indicates that borrowers and lenders alike are having trouble executing short sale transactions. Read More — >

It’s a competitive world for real estate agents and brokers, especially those working in the REO universe. In addition to handling the day-to-day demands of facilitating REO property transactions, agents are always trying to market themselves.

To throw its hat into the ever-growing social media marketing opportunities that exist for agents, Bellevue, Washington-based DepotPoint launched a new Web-based service for agents to attract new short sale and REO clients. DepotPoint is a technology company that develops software for distressed asset servicing. Its primary service is TrackPoint, a software-as-a-service (SaaS) that tracks short sale and REO workflow. Read More — >

DepotPoint, Inc., a Bellevue, Washington-based provider of default servicing workflow solutions recently announced that it has launched a real estate agent network and modified its proprietary short sale solution to be fully compliant with the administration’s Home Affordable Foreclosure Alternatives (HAFA) program, which went into effect on April 5.

AgentConnect, the company’s new real estate agent network, is a powerful Web-based tool for qualified real estate agents who want to help troubled homeowners gracefully exit their mortgage commitment through a short sale. Read More –>

DepotPoint Inc., a provider of default servicing workflow solutions, has launched AgentConnect, a tool designed to help qualified real estate agents gain visibility from DepotPoint’s short-sale and real estate owned property (REO) clients, the company says.

“More than ever, investors and servicers require real estate agents with legitimate, on-the-ground experience selling distressed properties,” says Joe Filoseta, DepotPoint president and CEO. Read More –>

Bellevue, WA, April 13, 2010 – DepotPoint, Inc., a leading provider of default servicing workflow solutions, has launched AgentConnect, a tool for real estate agents which provides valuable marketing exposure and is designed to help qualified agents gain visibility from DepotPoint’s short sale and REO clients. The company has also announced that its TrackPointSM solution for short sales is fully compliant with the U.S. Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program, which went into effect last week.

AgentConnect is a powerful web-based tool for qualified real estate agents who want to help troubled homeowners gracefully exit their properties and mortgage commitments through short sales. For only $99 a year, agents can create a profile featuring their credentials and previous short sale and REO expertise, and be placed on a list of qualified short sale or REO agents in their market area. When agents are assigned to a short sale or REO property, all of their activities within the workflow will be tracked and compiled into performance scores available for viewing by DepotPoint’s clients.

“More than ever, investors and servicers require real estate agents with legitimate, on-the-ground experience selling distressed properties,” said Joe Filoseta, DepotPoint president and CEO. “AgentConnect fills crucial needs on both sides – servicers get access to qualified agents, and agents get marketing exposure to those who need them most.”

In addition to launching AgentConnect, DepotPoint has announced that its web-based workflow engine and tracking system for managing default transactions, TrackPointSM, has been modified to help servicers and investors meet all HAFA specifications. Its flagship product not only meets HAFA specifications, it also tracks continuing HAFA compliance as the file is advanced through the workflow. If a file falls out of compliance, the intuitive software provides clear steps that can be taken for the file to return a short sale to HAFA compliance. While TrackPoint will continue to enable non-HAFA short sale transactions as well, TrackPoint now enables lenders, real estate agents and other parties to electronically collect, process and track HAFA-required documents required under the HAFA program, increasing both efficiency and short sale rates of success.

Designed to complement the U.S. government’s Home Affordable Modification Program (HAMP), HAFA provides incentives to help borrowers avoid foreclosure through a short sale or deed-in-lieu, thereby lessening the negative impact on the borrower’s credit score compared to a foreclosure. Borrowers who receive trial loan modifications under the HAMP program automatically qualify for HAFA when they do not successfully complete a trial period plan or miss at least two consecutive payments.

“Recognizing that the HAMP program could not help all delinquent homeowners, along with the inherent difficulties managing short sale transactions, we knew early on that it would be critical to bring experienced real estate agents with short sale expertise into the process and build HAFA compliance into our solutions,” said Filoseta. “Our enhanced TrackPoint short sale application provides a transparent, end-to-end solution that helps struggling families get out of unmanageable debt obligations and exit with dignity. Short sales are a team effort, however – which is why we look forward to working with experienced, knowledgeable agents interested in helping our clients process short sales.”

To learn more about AgentConnectSM visit www.depotpoint.com/agentconnect, or stop by DepotPoint’s booth (#38) at the REOMAC Spring 2010 Conference April 15 & 16 at the JW Marriott Hotel & Spa in Palm Desert, California. Real estate agents will be able to sign up for AgentConnect at the event.

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. For more information on DepotPoint, please visit www.DepotPoint.com or call 866.841.5641.

PRESS CONTACT:
Rosalie Berg
Strategic Vantage Marketing & Public Relations
(305) 971-5352
RosalieBerg@StrategicVantage.com