SOURCE: DepotPoint

February 06, 2007 11:00 ET

DepotPoint Launches Industry's First Intelligent Foreclosure Regulatory Knowledgebase

Integrated Regulatory Knowledgebase Translates Into Better Compliance, Greater Efficiency, and Faster Foreclosure Proceedings

BELLEVUE, WA -- (MARKET WIRE) -- February 6, 2007 -- As foreclosure rates increase nationwide, foreclosure attorneys are being forced to manage a higher volume of foreclosed properties. And, stifled by regulations dictating how foreclosures are processed from state-to-state, attorneys are turning to innovation to help efficiently process this growing number of files, while also reducing the errors and inefficiencies resulting from the longtime practice of manual processing.

Today DepotPoint, a leading provider of mortgage technology services, introduced the mortgage industry's first fully integrated intelligent foreclosure regulatory knowledgebase. The company's newest enhancement to its TrackPoint suite of Web-based solutions helps attorneys remain in compliance with state foreclosure laws and makes managing and processing foreclosure property files more efficient.

"Regulations regarding the way a foreclosure can proceed vary widely from state to state, resulting in compliance issues for attorneys who operate in multiple states," said Prakash Kondepudi, CEO of DepotPoint. "Dealing with these variations has been a manual, time-consuming process for attorneys, leading to unnecessary errors and delays. Incorporating these rules into the TrackPoint system, we provide attorneys with a solution for processing these files faster and in a much more economical manner, ultimately ensuring maximum productivity."

For example, in Washington State, attorneys are required to prepare a "Notice of Default," which must be mailed and posted 30 days prior to the posting, recording and mailing of a "Notice of Sale." However, in Oregon, the "Notice of Default" is not required to be posted, and the "Notice of Sale" must be served to the debtor no less then 120 days following the recording of the "Notice of Default." By integrating the knowledgebase directly into DepotPoint's TrackPoint suite, these rules are captured and the system's centralized workflow engine automatically creates a detailed action plan that is in compliance with state and county guidelines.

In addition, an automatic document processing system is embedded directly into the TrackPoint suite, which contains all the necessary document templates in appropriate formats, further reducing the opportunity for human error and ensuring that the appropriate documents are filed properly based on each jurisdiction's requirements. TrackPoint receives regular electronic communications from each jurisdiction detailing any changes to regulatory guidelines and updates the knowledgebase to reflect these modifications.

"TrackPoint is an incredibly effective tool for foreclosure attorneys or trustees," said Sidney Gladney of the San Francisco Bay area firm California Trust Deeds. "The most recent addition of the knowledgebase module enables us to easily expand our operations with the confidence that newly added staff will be as productive and effective as someone with many years of experience in processing foreclosures."

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 InfoSpace, Microsoft, 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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