Software applications provider RES.NET (RES) revealed that its Short Sale portal is now upgraded to guarantee mortgage servicers adhere to the guidelines associated with the attorneys general settlement.
"The attorneys general settlement affects how all servicers must approach their internal processes, and applying the monumental changes necessary requires them to leverage technology," said Todd Mobraten, president and chief operating officer for USRES and RES.NET.
There are many new features. The updgrade now includes a task urging servicers to submit borrower confirmation letters, a previously unavailable tool, for example.
"The Short Sale portal gives [the user] a way to manage the additional workload that comes with increasing legislation and while still easily communicating with all other participants," Mobraten said, adding more changes will be made as current event dictate. "We continually update our portals, ensuring we provide technology that alleviates the burden of compliance and streamlines real estate transactions."
The Short Sale portal is linked with RES.NET five other portals for agents, buyers, sellers, asset manager and vendors. With its custom tasking functionality, the improved Short Sale portal grants user the ability to manage their own, personalized workflows without having to worry about expensive and time-intensive programming resources.