Conexxus Launches REO Document Automation Software

Louisville, Ky.-based Conexxus released a new software product that automates the process of procuring documents in real-estate-owned (REO) transactions. REO Optimizer collects property data like architectural and engineering reports, among other related documents, to expedite financial institutions’ sale of distressed assets. It also creates checklists for required documents for transactions, as well as provides Web-based indexing meant to ease the burden of searching records. The software can be used in commercial and residential REO transactions. “Currently, institutions are working manually with checklists, paper files, and spreadsheets, which simply isn’t practical with the volume of non-performing assets,” Conexxus founder Jeff Reibel said in a statement. “Banks are now experiencing record increases in the nonperformance of development properties, requiring special expertise, knowledge and the gathering of unfamiliar documents.” Write to Austin Kilgore.