DepotPoint Partners with Alpha Closing to Build National Network of Real Estate Agents to Dispose of Foreclosure Properties for DepotPoint Clients
- New “Alpha Agent Network” Provides REO Listings to Qualified Agents -
SEATTLE (September 9, 2008) - DepotPoint, Inc., an industry-leading provider of technologies and services for the default real estate market, is partnering with Alpha Closing, Inc. to create a national network of real estate agents to help asset managers, loan servicers and banks using DepotPoint’s online workflow system dispose of foreclosed properties.
DepotPoint clients including asset management firm Metro Pacific use DepotPoint’s REO TrackPoint to collapse the time it takes to move properties through the foreclosure process, reducing carrying time and costs to the benefit of mortgage lenders and equity investors.
In addition to detailed property tracking, REO TrackPoint features electronic calendaring with alerts and digital document processing. Audit-ready 24/7, TrackPoint ensures nationwide compliance by state and by lender. Its dynamic calendarization provides vertical processing of tasks to reduce time and costs for lenders and asset management firms handling thousands of REO (bank-owned) properties.
Alpha Closing, Inc., through the new Alpha Agent Network, will be the gateway for qualified real estate agents to access the REO TrackPoint system and communicate with asset managers to list and sell REO properties. Alpha will qualify and certify agents before they are allowed access to potential listings. Alpha also collects detailed information on each agent it allows in the network, including agent farm area or specialty, agent resume and bio. As a result, asset managers and other REO TrackPoint clients will know with certainty that agents using the REO TrackPoint system are qualified to handle default property transactions and also within an appropriate proximity to the default property.
”The Alpha Agent Network available through REO TrackPoint is different from other services,” said Tom Gordon, Executive Vice President, Business Solutions, DepotPoint. “Brokers and agents must be qualified or certified to participate. That’s how we ensure our clients receive the best service in the interest of expediting property dispositions. That’s also what TrackPoint is all about - delivering an end-to-end solution for customers who need to track properties from initial default all the way through disposition.”
”REO TrackPoint offers asset management firms, loan servicers and banks the most efficient solution available to handle REO properties on a national level,” said Cayce Lee, Executive Vice President, Alpha Agent Network. “Real estate brokers and agents will find it easy to work within the system, and by becoming members of the Alpha Agent Network they can fully participate in the market opportunities offered by default properties.”
Lee said that the Alpha network will grow to 10,000 brokers and agents or more. Interested real estate professionals should visit http://www.AlphaAgentNetwork.com for more information.
TrackPoint Expedites Disposal of REO Properties
DepotPoint’s Gordon said that when a property reverts to the bank as an REO asset, it usually takes from six to nine months to assign the property to an REO outsourcer, ready the property for sale, and then market it to a new buyer. Each day that the property is on the books the bank incurs significant cost; more specifically, 1.0 to 1.25 percent of the value of the property per month. This is a direct hit to the bank’s earnings.
REO TrackPoint, including the new Alpha Agent Network, collapses the time required to dispose of properties, saving banks up to thousands of dollars on each property in the system.
About Alpha Closing, Inc.
Alpha Closing, Inc., through its Alpha Agent Network, has created a unique online community to attract the nation’s top real estate professionals. The network has a screening process to ensure each agent is qualified to handle REO listings and BPOs before assignment. Those agents who do not immediately qualify for DepotPoint’s REO TrackPoint application are encouraged to join the network and take advantage of the Alpha Agent Certification Program and curriculum. Upon completion of the program, members are certified and able to participate in the REO TrackPoint platform as full-fledged Alpha Agents. The network gives members the opportunity to interact within its user-friendly discussion forums and offers premium, members-only content such as articles, statistics and research to assist its members in taking their REO market opportunities and business to the next level. The Alpha Agent Network is open to real estate professional affiliates who wish to market their peripheral services to its member base, offers attractive advertising opportunities and has impressive development plans for maintaining its exclusivity within the national Top Producing Real Estate Sales market.
About DepotPoint
DepotPoint (http://www.DepotPoint.com) brings greater efficiencies and cost savings to mortgage lenders, loan servicers, foreclosure attorneys and REO asset management firms that use the company’s Web-based application suite, TrackPoint, to vertically process properties through foreclosure straight into REO management - mitigating risk, accelerating the recovery of nonperforming assets and reducing lenders’ carrying costs for default properties. DepotPoint applications are audit-ready and facilitate multi-vendor communication and task management with efficiencies that are unique in the market.
ForeclosurePoint (http://www.ForeclosurePoint.com), a service of DepotPoint, is opening the door to the foreclosure market. With more free, detailed property information than any other national online foreclosure marketplace, as well as foreclosure property tracking services available nowhere else, ForeclosurePoint provides the most effective way for homebuyers, investors and real estate professionals to participate in the buying and selling of default properties.
