SEATTLE (November 4, 2009) — DepotPoint, Inc., today announced that James G. Jones, with 35 years of management experience in banking, consumer lending, payment processing and related financial services, has joined the company’s Board of Directors. (more…)

SEATTLE (October 8, 2009) — DepotPoint, Inc., today announced that financial services industry veteran Joe Filoseta has joined the company as Senior Vice President, Business Development & Strategy. Filoseta is based at the company’s headquarters in Bellevue, Washington. (more…)

Nations REO, Inc., a division of FMC ( Foreclosure Management Company ), today said it has deployed DepotPoint, Inc.’s TrackPoint platform to power the company’s REO workflow and property management operations. (more…)

SERVICING MANAGEMENT - July 2009.

Recent changes to the federal foreclosure-avoidance plan indicate the Treasury is learning what servicers already knew: Not ever home can be saved

In mid May, the Treasury Department once again enlarged its Making Home Affordable program (MHA).  What is notable about this latest addition - another set of incentives and guidance for short sales and deeds-in-lieu of foreclosure - is that it represents a departure from the Obama administration’s stance, up to this point, that every mortgage is salvageable. (more…)

AMERICAN BANKER - June 5, 2009.

The U.S. government would rather see troubled homeowners refinance their home loans, modify their loans or, if all else fails, sell their homes in preforeclosure transactions to stave off foreclosure and clear the market.

The administration’s May 14 initiative to facilitate short sales and deeds-in-lieu transactions encourages these attractive alternatives to foreclosure, and it follows efforts by Fannie Mae, Freddie Mac and a number of major banks to resolve default properties via short sales. Major servicers are expecting an eightfold increase in short sales by this summer. (more…)

NATIONAL MORTGAGE  NEWS - March 30, 2009.

As the Obama housing plan gets rolling, the industry faces the ultimate challenge of providing the best loss mitigation tools and processes possible so those so-called toxic assets are either modified and current, or flushed out of the banks’ balance sheets. (more…)

NATIONAL MORTGAGE  NEWS- March 30, 2009. 

The current default scale and shortage of default management expertise is pushing for more efficient use of technology that will allow servicers to maximize loss mitigation. (more…)

NATIONAL MORTGAGE  NEWS - March 30, 2009.

Industry experts find that while short sales involve some loss and are time consuming, they represent a win-win loss mitigation tool servicers should embrace and streamline rather than avoid.

Cheryl Lang, president of Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry, happens to be a believer in short sales as a loss mitigation tool, which among other things are a way to finally get house values right and help preserve neighborhoods. (more…)

SERVICING MANAGEMENT - March 2009.
By Tom Gordon

In the recent past, it was typically homeowners who initiated the short-sale process with the lender. Today, it is increasingly the other way around.
Foreclosure moratorium imposed by Fannie Mae and Freddie Mac, major banks such as Bank of America and Citibank, and a host of state governments has created a “breather” for homeowners in default.  By working with loan servicers, some homeowners will be able to modify their loan terms and stay in their homes. Many will not. (more…)

DOW JONES MARKETWATCH - Mar 27, 2009

Those searching for the best housing bargains on the market might consider buying a short-sale property. But there’s an important qualification for buyers interested in going this route: They need plenty of patience. (more…)