Property ManagementREO.com and London Bridge Group Announce Tech Partnership
Industry leaders REO.com and London Bridge Group have announced a technology
partnership that delivers significant productivity gains and cost reductions to
lenders, servicers and asset managers engaged in mortgage default management
and real estate owned properties.
REO.com and London Bridge have agreed to fully integrate REO.com’s Offer
Management System with the London Bridge default product suite utilizing London
Bridge’s BridgeLink™ Exchange Network.
“ Integrating REO.com’s technology, portal relationships, and extranet
capabilities creates a far more efficient approach to liquidation of real
estate owned properties by leveraging advanced technologies and relationships
that were simply not available in the past,” said Dave Demster, President of
the Mortgage Division of London Bridge Group. “REO.com systems expose
distressed properties to a much wider audience, much earlier in the process,
thus enabling earlier disposition and significant loss reductions. By
integrating the Offer Management System with the BridgeLink electronic
distribution channel and the London Bridge suite of default management
products, our mutual clients will now see offers delivered directly to their
desktops, and be able to communicate their response to these offers
electronically, directly to the buyer’s agents.”
"The strategic pact between the two companies provides a unique and highly
efficient bi-directional service capability for the industry,” said Dana Keith,
President of REO.com. ” Up until now, lenders have not had an efficient
marketplace for their foreclosure and REO properties. Through our exclusive
interface into the London Bridge default product line, REO.com displaces the
traditional limited access and affords transacting parties immediate, accurate
and timely listing information. The result is lower costs, elimination of time
delays and a better yield on non-performing portfolios.
Historically, it has been difficult, if not impossible for potential buyers
to find the responsible party to whom they should submit an offer on a
non-listed property. Real Estate agents have been discouraged from submitting
offers on behalf of their buyer clients on such properties, because of the
difficulties in proving “procuring cause” and ultimately getting paid for their
efforts. This new platform eliminates many of those problems.
Lou Machos, Executive Vice President of Marketing for REO.com points out, “
This pact provides an enormous advantage to all parties involved in the real
estate owned process. The two companies are creating a unique platform that
will provide more eyeballs on these properties which will lead to more sales
opportunities and a communication system that REO departments and asset
managers alike will welcome.”
London Bridge Senior Director of Business Development, Ron Morgan agrees;
"The delivery and integration of services in a totally electronic format will
have a significant improvement on overall productivity and profitability. We
have accomplished three objectives through this relationship. We are providing
connectivity to a key, but fragmented marketplace, we are changing the entire
paradigm for the offer delivery of REO’s; and we are helping to mitigate loan
losses.”
Under terms of the agreement, REO.com products will be delivered via the
BridgeLink E-commerce Network, which incorporates the FORTRACS™ default
management system, the LenStar™ attorney network, and Aspen Workflow™ process
management tools. These systems allow Servicing clients to electronically
deliver their property listings to REO.com and subsequently to REO.com’s
distribution partners for marketing purposes. The system then processes and
delivers offers electronically to the lender’s desktop for approval or counter
offer to maximize efficiency and accuracy.