Impac Mortgage Holdings (IMH) has selected a new REO process and property management solution from Default Servicing Technologies, the companies said in a statement Thursday. The platform, called DispoSolutions, is a cloud-based REO management software platform that offers property management tools, along with task, date, and closing organization.
"Having a central system of record that both our clients and vendors can access is really what makes DispoSolutions work for us. The platform is easy to use, very flexible, and it allows us to make our own changes on the fly," said Kristen Perez, resolution sponsor at Impac Companies.
The companies did not say if the move to a new platform replaced internal technology, or if it replaced other third-party technology platforms previously used by Impac.
The move comes at an interesting time, as the largest REO management software platform, Equator, was purchased in August by Ocwen Financial Corp (OCN) spinoff Altisource Portfolio Solutions (ASPS). Industry observers at the time wondered if the move would open the door for other technology providers in the space, given the Altisource-to-Ocwen tie-in.
"Servicers may not want to feel that their REO data is somehow available to a competing large servicer," one industry source said at the time the acquisition was announced.