The one-two punch of economic crisis coupled with housing slump has burdened banks with a larger responsibility for managing the distressed properties that are quickly starting to crowd their books. With REO Optimizer, Conexxus hopes to alleviate some of the burden.
Released publicly in July, this document management product helps mortgage lenders capture key documents related to their distressed holdings electronically and stores them in an online searchable platform, enabling prospective buyers and investors to easily search properties. In turn, this helps speed up decision making and, according the bank that's been using it, increases the ultimate value of the sale. "We recognized this problem [of managing distressed property documentation] was getting bigger, not smaller [18 months ago]," says Bruce Dearing, svp at the Bank of North Georgia, the first lender to use REO Optimizer.