In a claim likely to be challenged by other default management technology providers, DepotPoint, a Bellevue-Wash.-based provider of mortgage technology services, said Monday it had developed what it called the mortgage industry’s “first fully-integrated intelligent foreclosure regulatory knowledgebase.” An enhancement to the company’s TrackPoint suite for foreclosure management, the knowledgebase stores both state and county rules and helps create a detailed plan of action for foreclosure processing. “Regulations regarding the way a foreclosure can proceed vary widely from state to state, resulting in compliance issues for attorneys who operate in multiple states,” said Prakash Kondepudi, CEO of DepotPoint. “Dealing with these variations has been a manual, time-consuming process for attorneys, leading to unnecessary errors and delays. Incorporating these rules into the TrackPoint system, we provide attorneys with a solution for processing these files faster and in a much more economical manner, ultimately ensuring maximum productivity.”
Likely to challenge DepotPoint’s claim are a wealth of other default-related technology providers, including First American’s VendorScape CMS, Fidelity’s NewTrak, LandAmerica’s BackintheBlack, as well as FairIssac’s venerable LenStar platform. Each offers its own business rules engine covering management of the foreclosure process, which is used to guide both attorney case management as well as client reporting schedules. At least one similar technology system also exists for managing post-foreclosure evictions as well, with the Orange County, Calif.-based law office of Jackson & Associates marketing its web-based Symphony platform as a legal process management tool that adapts to both state and local eviction guidelines. Calls to DepotPoint for clarification of its claims were not returned prior to HW’s publishing deadline. For more information, visit http://www.depotpoint.com.