Default Servicing Tech Company Updates REO Platform
Default Services Technologies (DST), a Glencoe, Ill.-based real estate software developer, launched an update to its DispoSolutions Web-based real estate owned (REO) servicing platform. The latest version of the software was created in partnership with REO servicer Select Portfolio Servicing (SPS), a division of Credit Suisse. SPS is one of the more successful servicer participants in the Making Home Affordable Modification Program, with 43% of its eligible mortgages in active trial or permanent modifications, third behind GMAC (GJM) (53%) and Citi's (C) CitiMortgage (52%) subsidiary. The DST/SPS collaboration led to a number of new features for the software, including the ability to allow users to define roles, workflow and automation points to meet specific goals. “SPS is in the top tier of REO servicers. Their involvement led to fresh thinking and new ideas for improving our platform in terms of efficiency, process and function,” said DST founder and CEO Jim Clark. The developer said its product now offers more automated processes, including 16 separate functions that can be used individually or in any combination to create a specific role. The new automation, the company said, makes it easier and faster for managers to change processes. Write to Austin Kilgore. The author held no relevant investments.