SOURCE: DepotPoint

February 13, 2007 10:00 ET

DepotPoint Delivers New Lien Monitoring Service to Help Lenders Protect Loan Portfolios During Foreclosure

Lien Monitoring Alert Service Automatically Monitors Loan Portfolios for Asset Foreclosure Status, Bankruptcy, and Tax Delinquency and Default

BELLEVUE, WA -- (MARKET WIRE) -- February 13, 2007 -- Mortgage lenders are exposed to an increasing level of risk as Foreclosure Rates continue to skyrocket, especially those lenders in the sub prime market. External events such as senior lien foreclosures, borrowers default on tax payments, or bankruptcy filings are all common scenarios in this expanding foreclosure cycle. These events expose lenders to a significant risk of having their loan position wiped out.

Through continued technology innovation in the real estate market, DepotPoint today unveiled a solution to reduce this risk, offering lenders a way to closely monitor and get automatic notification of these default events. The company's latest addition to its suite of Web-based solutions, the TrackPoint Lien Monitoring Alert Service arms lenders with a tool for automatically monitoring all lien foreclosures, tax defaults, and bankruptcy filings -- all events that can compromise the timely payment of a loan and increase the chance that a lender's portfolio may suffer considerable financial loss. DepotPoint will demonstrate this new solution, along with its recently released intelligent foreclosure regulatory knowledgebase, at the MBA's National Mortgage Servicing Conference & Expo on February 20 -23, 2007, in San Diego, CA.

"The increasing rate of foreclosures puts lenders in the very risky and often unfavorable situation of protecting their loan position during the auction of such properties," said Prakash Kondepudi, CEO of DepotPoint. "For most lenders the process of managing loans is a time consuming and manual process where simple filing mistakes can expose a lender's portfolio to significant risk. By integrating a proactive monitoring alert service directly into the TrackPoint suite, lenders can gain instant visibility of events that jeopardize their loan portfolio and be in a position to more efficiently mitigate the risks associated with complex foreclosure proceedings."

This new lien monitoring alert service is another addition to DepotPoint's suite of innovative solutions. The company will continue to present solutions to the marketplace that bring greater efficiencies to the foreclosure market. For more information about the TrackPoint system, please call 1-866-841-5641 or visit www.depotpoint.com.

About DepotPoint

Headquartered in Bellevue, Wash., DepotPoint is bringing new efficiencies to the foreclosure market, which aim to improve the management of real estate portfolios that are in default. The company's TrackPoint Application suite offers a range of Web-based innovations that help the entire lending ecosystem mitigate risk, accelerate the sale of foreclosed property, and improve visibility across the entire foreclosure process. The company is privately held and was founded by technology veterans from Microsoft, InfoSpace, and experienced trustees from national foreclosure firms. For more information about the company and its products, call 1-866-841-5641 or visit www.depotpoint.com.

Contact Information

  • Media Contacts:
    Robert Nachbar
    REVOLUTION PR for DepotPoint
    206-427-0389
    Email Contact

    Jennifer Karkar Ritchie
    REVOLUTION PR for DepotPoint
    206-932-2454
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