REO Solutions decrease brokers fees, increase sales prices and expedite decision-making regarding distressed properties
Conexxus, a provider of integrated automation, compliance and monitoring software solutions and TPI Integrated Solutions (TIS), a business consultancy offering services and solutions to financial institutions, entered into a strategic agreement. Conexxus and TIS aim to offer TIS’ existing and future customers access to a complete and secure solution that includes digital workflow, document management and completeness monitoring.
Conexxus said that banks utilizing its REO (Real Estate Owned) Optimizer will benefit from the organization of property documentation, automation of manual administrative work, decreased brokers fees, increased sales prices and expedited decision-making regarding distressed properties.
Norm Davis, president of TIS, said: “Banks nationwide are experiencing record delinquency and default rates, and as a result are dealing with properties and issues not seen in decades. Buyers know how to reflect risk and protect their interests in pricing.
REO Optimizer helps banks accomplish the same in a proactive and cost effective manner which greatly increases the chances of a ‘more favorable’ outcome for the bank based on current market conditions, which almost certainly would not happen in the absence of timely access to information.”
Jeff Reibel, CEO of Conexxus, said: “Banks are struggling to manage through the large volumes of distressed loans and our platform helps them understand what they have from a decision-making standpoint. TIS understands the position banks are facing today with construction and development loans and commercial loans, and we look forward to working with Mr. Davis and his team to help more banks deal with this issue.”