FirstBank Puerto Rico has announced that it has enlisted RES.NET—a technology platform allowing mortgage bankers, investors, vendors, consumers, and other parties to communicate around a real estate transaction—to develop and deploy a new online marketplace showcasing the bank’s diverse portfolio of available assets. The new digital marketplace is also meant to engage a broader audience of potential buyers and investors than currently available. The platform was built in Spanish so as to accommodate the widest range of buyers.
Shortly after FirstBank Puerto Rico selected RES.NET as the operating platform to assist with the disposition of its Other Real Estate Owned (OREO) properties, the devastation from Hurricane Maria presented a new set of unforeseen challenges. In response, the bank and RES.NET issued a joint call to action, expediting the development and deployment of their new marketplace so as to quickly adapt to the new situation.
“Following Hurricane Maria, it became urgently important to streamline the bank’s OREO process and workflow while simultaneously enhancing the visibility of the bank’s available assets to a broader audience,” said Bianca Torres Román, VP of FirstBank Puerto Rico. “Within just one month of launching the new Buyer’s Marketplace, the unique number of visitors seeking information on our available properties more than tripled. Today, we are now reaching prospective buyers not just in Puerto Rico and the immediate region, but across the United States.”
In addition to the Buyer’s Marketplace, the bank has implemented RES.NET’s Real-Estate-Owned (REO), Agent, Vendor, and Property Preservation portals to automatically track and manage its portfolio. Bank employees can now manage the entire process from the time a foreclosure has been conducted through the sale and closing. The new process is meant to herald the automation of multiple workflows, work cues, offer-management tools, and notification features.
“With RES.NET, the complete portfolio can be viewed via the dashboard, providing real-time data and a more holistic view of our assets,” Torres continued. “Having access to this data is invaluable and helps ensure we are positioned for success in the future. Launching the Buyer’s Marketplace in combination with deploying our operating platforms is a pivotal moment for the bank’s OREO success.”
“I am very pleased with the work we’ve accomplished together with the team at FirstBank Puerto Rico,” said Keith Guenther, Found and CEO of RES.NET. “It is the combined dedication of both our teams that allowed this large-scale development and implementation to occur in less than six months. We worked closely with the bank’s staff to scope and develop this customized marketplace to assist in connecting with potential buyers within Puerto Rico, as well as outside of the territory.”