Los Angeles-based REOTrans LLC, a provider of a platform to automate the default and real estate owned (REO) process for mortgage institutions nationwide, has launched a short payoff (SPO) module. The module can be added to an existing RT Workstation or used as a stand-alone application.
‘Given the current state of default, lenders are receiving many requests to consider short payoffs,’ says Chris Saitta, CEO of REOTrans. ‘REOTrans has automated the SPO process to dramatically increase the efficiency of handling these requests and to provide the controls and decision tools lenders need.’
The new SPO module is a customizable Web-facing system that seamlessly integrates with the client's current Web site, REOTrans says. The module gives borrowers the opportunity to communicate a request for short payoff of their loan and includes the option to either select an agent from a list of over 345,000 real estate agents currently registered on the RT Marketplace or enter their own chosen agent.
Additionally, the module immediately calculates current property values in comparison to market data for a comprehensive decision on the lender's behalf. This process allows real-time, interactive decision-making between the borrower and the lender, says REOTrans.