Industry leaders REO.com and London Bridge Group have announced a technology partnership that delivers significant productivity gains and cost reductions to lenders, servicers and asset managers engaged in mortgage default management and real estate owned properties.

REO.com and London Bridge have agreed to fully integrate REO.com’s Offer Management System with the London Bridge default product suite utilizing London Bridge’s BridgeLink™ Exchange Network.

“ Integrating REO.com’s technology, portal relationships, and extranet capabilities creates a far more efficient approach to liquidation of real estate owned properties by leveraging advanced technologies and relationships that were simply not available in the past,” said Dave Demster, President of the Mortgage Division of London Bridge Group. “REO.com systems expose distressed properties to a much wider audience, much earlier in the process, thus enabling earlier disposition and significant loss reductions. By integrating the Offer Management System with the BridgeLink electronic distribution channel and the London Bridge suite of default management products, our mutual clients will now see offers delivered directly to their desktops, and be able to communicate their response to these offers electronically, directly to the buyer’s agents.”

"The strategic pact between the two companies provides a unique and highly efficient bi-directional service capability for the industry,” said Dana Keith, President of REO.com. ” Up until now, lenders have not had an efficient marketplace for their foreclosure and REO properties. Through our exclusive interface into the London Bridge default product line, REO.com displaces the traditional limited access and affords transacting parties immediate, accurate and timely listing information. The result is lower costs, elimination of time delays and a better yield on non-performing portfolios.

Historically, it has been difficult, if not impossible for potential buyers to find the responsible party to whom they should submit an offer on a non-listed property. Real Estate agents have been discouraged from submitting offers on behalf of their buyer clients on such properties, because of the difficulties in proving “procuring cause” and ultimately getting paid for their efforts. This new platform eliminates many of those problems.

Lou Machos, Executive Vice President of Marketing for REO.com points out, “ This pact provides an enormous advantage to all parties involved in the real estate owned process. The two companies are creating a unique platform that will provide more eyeballs on these properties which will lead to more sales opportunities and a communication system that REO departments and asset managers alike will welcome.”

London Bridge Senior Director of Business Development, Ron Morgan agrees; "The delivery and integration of services in a totally electronic format will have a significant improvement on overall productivity and profitability. We have accomplished three objectives through this relationship. We are providing connectivity to a key, but fragmented marketplace, we are changing the entire paradigm for the offer delivery of REO’s; and we are helping to mitigate loan losses.”

Under terms of the agreement, REO.com products will be delivered via the BridgeLink E-commerce Network, which incorporates the FORTRACS™ default management system, the LenStar™ attorney network, and Aspen Workflow™ process management tools. These systems allow Servicing clients to electronically deliver their property listings to REO.com and subsequently to REO.com’s distribution partners for marketing purposes. The system then processes and delivers offers electronically to the lender’s desktop for approval or counter offer to maximize efficiency and accuracy.

Published: December 6, 2001

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