[November 07, 2012]

RES.NET Enhances Short Sale Portal, Ensures Users Meet Attorneys General Settlement Guidelines

RES.NET, a provider of software applications connecting real estate professionals and consumers, announced today that it has upgraded its Short Sale portal to ensure servicers meet the guidelines associated with the attorneys general settlement issued in February 2012. The portal now has enhanced tracking functionality and includes new tasks to help servicers uphold compliance.

"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 (News - Alert). "The Short Sale portal gives them a way to manage the additional workload that comes with increasing legislation and while still easily communicating with all ther participants. We continually update our portals, ensuring we provide technology that alleviates the burden of compliance and streamlines real estate transactions."

The enhanced Short Sale portal better tracks the time in which notices are generated and sends nightly email reminders to agents regarding outstanding tasks. RES.NET added new fields to screens within the portal to help servicers more efficiently track deficiencies and incentives. The portal also features an additional task prompting servicers to submit borrower confirmation letters, which is triggered following the receipt of a seller request.

RES.NET's Short Sale portal is interconnected with the company's five other portals for agents, buyers, sellers, asset managers and vendors. It also features custom tasking functionality, which allows users to manage their own, customized workflows without relying on costly and time-intensive programming resources.

About RES.NET

RES.NET, initially established in 2003 as a subsidiary of USRES, provides an array of portals designed for different aspects of the real estate industry and integrates servicers, brokers, outsourcers, third-party service providers, homeowners and buyers. Through specialized portals RES.NET users can each access the same system to optimize communication and streamline processes. The portals deliver a customized, automated workflow and centralize data and documentation to create a continuous audit trail. For more information about RES.NET visit its website at www.res.net.

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