The MIMICS Real Estate Owned Management System fully processes REO properties from inception through final disposition. The basic information defining the property is entered along with the foreclosure data. Any legal information regarding associated litigation can be entered. While being held, the bank can manage the property, such as ensuring the property is kept up, that the building is winterized, etc. The system files all appraisals and inspections. They can be updated in preparation for selling the property. Real Estate listings are also managed until the eventual disposal of the property. The user can create an REO budget and the system will maintain complete financial statements. The system manages all transactions for the sale at which time the new loan can be transferred to the MIMICS Loan Processing Module.
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