REOTrans, LLC, announced the launch of their new Short Payoff (SPO) Module yesterday. REOTrans currently provides 16 of the top 25 lenders in the country with a technology platform to automate their default and REO processes.
Chris Saitta, REOTrans’ CEO, explained the value of the company’s new module. “Given the current state of default, lenders are receiving many requests to consider short payoffs. REOTrans has automated the SPO process to dramatically increase the efficiency of handling these requests and to provide the controls and decision tools lenders need,” Saitta said.

The company’s new Short Payoff Module can be added to an existing workstation or used as a stand-alone application. It is a customizable web-facing system that seamlessly integrates with the client’s current site. It gives borrowers the opportunity to communicate a request for short payoff of their loan, and lets them select from a list of over 345,000 real estate agents registered through the REOTrans marketplace or enter their own agent.
Additionally, it calculates current property values in comparison to market data to enable a comprehensive, real-time decision between borrower and lender. It also facilitates activities between borrower, agent, and lender to allow for better controls and transparency of transactions. The system incorporates a new property valuation feature that uses REOTrans data to forecast value and loss numbers, and is configurable to ensure compliance with all lender criteria. The new SPO Module also integrates seamlessly with the REOTrans data warehouse to provide immediate access to all SPO data.
Over $31 billion in REO and foreclosed homes have been sold through REOTrans, and another 220,000 homes are currently available. “Lenders need data to make good decisions on whether to accept or reject a request for short sale,” Saitta said. “REOTrans has an immense amount of comparable data to facilitate their decision.”