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Mortgage Industry Veteran Joe Filoseta Joins DepotPoint as Senior Vice President, Business Development & Strategy

Posted on: Thursday, 8 October 2009, 09:00 CDT

SEATTLE, Oct. 8 /PRNewswire/ -- DepotPoint, Inc., today announced that financial services industry veteran Joe Filoseta has joined the company as Senior Vice President, Business Development & Strategy. Filoseta is based at the company's headquarters in Bellevue, Washington.

DepotPoint (http://www.DepotPoint.com) delivers default management workflow-centered mortgage loan servicing solutions through custom configuration and rapid deployment of the company's TrackPoint platform.

"We are very excited about adding Joe Filoseta to the management team at DepotPoint. Joe brings a depth of experience in understanding challenges faced by mortgage servicers in dealing with rising defaults," said Prakash Kondepudi, President and CEO of DepotPoint. "The financial services landscape is rapidly changing. Joe's experience and relationships in the industry, including senior management positions at Harland's Mortgage Solutions Group and First American, should serve us well in deploying DepotPoint solutions to meet customer needs."

Filoseta added: "Several challenges face the financial services market, one of them being rapid technology deployment in an ever-changing regulatory environment. In this context, DepotPoint has a particularly compelling value proposition that addresses key issues facing investors and servicers alike. As a workflow centric enterprise class SAAS platform, DepotPoint's TrackPoint solutions are Financial Services 2.0 ready. There remains a lot of opportunity to remove friction across the default servicing process from Main Street to Wall Street. TrackPoint solutions address this issue while ensuring compliance and generating significant operational leverage. DepotPoint is the best solutions platform for servicers and investors needing customized default management solutions that do not require large up-front capital investments."

Before joining DepotPoint, Filoseta served as Executive Vice President and General Manager of the Mortgage Solutions Group of Harland Financial Solutions. Harland's Mortgage Solutions Group is a leading provider of loan origination and loan servicing technology and services. Filoseta introduced the industry-leading E3 .Net loan origination system that is used by hundreds of lenders across the U.S. in daily production.

Prior to Harland, Filoseta was division President within First American Real Estate Information Services, Inc. He led development of an array of default servicing-related products and services. Over a five-year period, through acquisition and internal growth, the division attained revenues approaching $100 million.

Additionally, Filoseta has held senior management positions with ALLTEL/CPI (now Fidelity National/LPS) and pioneered the development of automated underwriting technology as President of Cybertek-Cogensys Corp. He spent the first 10 years of his career with JP Morgan Chase in New York.

About DepotPoint

DepotPoint delivers customer-specific default management workflow solutions through custom configuration and rapid deployment of the company's TrackPoint platform. The Web-based platform, which features workflow, data integration and reporting toolsets, requires no software installation; it can be integrated with existing client systems or operated on a stand-alone basis. Clients use the platform to process short sales, loan modifications and foreclosures with the ultimate objective of stemming loan losses and effectively disposing of REO properties. The platform can be deployed with users trained in less than six weeks.

DepotPoint is based in Bellevue, Washington.

Media contact for more information: Cary Brazeman, 310-205-3590 Business contact for more information: Joe Filoseta, 425-278-2995 Joe.Filoseta@DepotPoint.com

SOURCE DepotPoint, Inc.

Source: PR Newswire

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