Altisource Launches Foreclosure Auction Services With Support For FHA CWCOT Program

Posted by Patrick Barnard on September 08, 2016 No Comments
Categories : Mortgage Servicing

Altisource Portfolio Solutions SA has launched a new foreclosure auction service that includes support for the Federal Housing Administration’s (FHA) Claims Without Conveyance of Title (CWCOT) program.

The company’s new Foreclosure Auction Services provides mortgage servicers with additional, accelerated real estate disposition strategies, the company claimed.

“The mortgage servicing market is more demanding than ever as servicers grapple with compliance requirements, growing complexity and cost pressures,” said John A. Vella, chief revenue officer of Altisource, in a release. “Our goal is to help servicers tackle these challenges – we do that by giving them a complete set of innovative solutions, backed by deep industry expertise and a steadfast focus on quality, controls and compliance.”

Altisource’s suite of offerings covers a mortgage servicer’s business end-to-end and includes property valuation, default technology, real estate brokerage, online auctions, asset management, and title and field services. These solutions are used by five of the top 10 financial institutions involved in servicing in the U.S.

Altisource claims to inspect more than 2.7 million properties and provides more than 600,000 valuations annually. It has also liquidated more than 159,000 residential properties via its Hubzu online auction service.

More specifically, the firm offers pre-foreclosure marketing services by way of Hubzu’s digital marketing platform. The platform is used by an active investor base and thus provides significant exposure to foreclosure properties and auction events.

The company also engages in on-site foreclosure auctioneering. Its nationwide network of auctioneers and proprietary technology provides visibility, accuracy and compliance for successfully managing large-scale, on-site foreclosure auction events.

Altisource also offers online second chance auctions through Hubzu. These are held exclusively for U.S. Department of Housing and Urban Development (HUD) properties as part of the FHA’s CWCOT program.

Altisource recently announced new features to make it easier for consumers to buy distressed properties through Hubzu, including the ability to use rehab financing and discover upcoming listings before auctions commence.

Hubzu users can now see upcoming listings pre-auction. In addition, Hubzu users can now place bids on homes that are contingent on obtaining HUD’s 203(k) rehabilitation financing, which allows a single mortgage to include the home purchase price and renovation costs. This could be especially helpful for the Hubzu users who want to purchase distressed homes as their primary residences.

The pre-auction listings feature allows buyers to preview, monitor and research properties before auctions are live, making it easier to discover properties of interest and prepare for bidding.

When auctions commence, buyers have transparency into how many people are also watching the same auction. They can set automatic bidding amounts and caps to make quick adjustments to their bids when an email notification alerts them when they have been outbid.

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