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BofA Makes Changes to Trim Short Sale Timeline

Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA's short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks. Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer, and they will be able to complete tasks such as document collection, valuations, and underwriting at the same time.

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Field Asset Services Launches Online Training Program

Austin, Texas based-Field Asset Services (FAS) launched FAS Vendor University, an online course designed to help FAS vendors learn how to manage their businesses and improve their operations. The program lasts for six-months and also incorporates hands-on learning activities.

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RES.NET Enhances Technology Apps With Custom Tasking Feature

RES.NET announced Tuesday that the company has launched a custom tasking enhancement for all its software applications. The company calls the new feature ""revolutionary,"" enabling servicers and asset managers to create fields and customize tasks and workflows on the fly without being impacted by development constraints or quality assurance issues. Custom tasking enables users to add fields to track regulatory changes, tasks to cover process changes, or workflow assignments to solve departmental inefficiencies - all within minutes.

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Website Wants to Help Spur REO-to-Rental Movement

Still in developing stages, HelpMeRent.com is an online rental directory that specializes in connecting renters to rental property listings nationwide. The website is advocating for the conversion of foreclosed homes as rental properties and is helping to do so through its online services.

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DataQuick Introduces PortfolioQ to Help Equity Lenders

In response to the need for in-depth portfolio analysis, DataQuick announced the introduction of PortfolioQ in a company release. The hosted solution provides equity lenders with an in-depth analysis of outstanding liens against the property to accurately calculate current equity position and related risk.

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MGIC Offers Web-Based Rate Provider for Lenders

Lenders now have an easy way to check mortgage insurance rates with the nation's largest private mortgage insurer, Mortgage Guaranty Insurance Corporation (MGIC). Teaming up with Mortech, Inc., a technology provider for the mortgage industry, MGIC enables lenders to check rates through its new web-based offering, MarksmanLMP. Lenders can review general rate quotes and incorporate adjustments based on specific loan qualities, ultimately leading to ""a faster loan closing process and increased profitability,"" according to a press release from MGIC.

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New Valuation Product Combines Three BPOs

Valuation Vision, based in California, has released a new valuation product that relies on the assessments of not one but three real estate professionals. BPOMerge offers servicers and investors a comprehensive report with broker price opinions (BPOs) from three real estate agents. MergeValue then analyzes the comparables the agents relied on and employs advanced algorithms to calculate a single price based on all the data from the agents. Each agent's comparables are weighted by the agent's performance metrics.

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FGMC Has Access to MortgageKeeper’s Database Through Partnership

First Guaranty Mortgage Corp. (FGMC) will partner with MortgageKeeper referral services, which will provide FGMC access to a database that links individuals in financial distress to available community services. FGMC customer service representatives will have continuous, web-based access to over 6,000 nonprofit and government services through the partnership.

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JVI Solutions, Active Data Technologies Forge Technology Agreement

JVI Solutions LLC, a nationwide appraisal and inspection services provider, and Active Data Technologies Inc., the parent company of Foreclosure.com, announced Wednesday that the two Florida-based firms have forged a technology partnership which they describe as ""game-changing."" The joint venture will soon introduce a proprietary automated home appraisal and broker price opinion (BPO) system that integrates interactive analytical data into a mobile platform.

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