New XactPRM From Xactware Improves Handling of Repair and Maintenance for Foreclosed Properties

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Software solution facilitates estimation and workflow management

Xactware
XactPRM lets asset owners, mortgage servicers, field service providers, and contractors work together seamlessly and easily to send and receive assignments for repair and maintenance work.

Xactware, the nation’s leading provider of estimation and management solutions for the property insurance market, has announced XactPRM, a comprehensive estimation and workflow management solution designed to streamline the repair and maintenance process for foreclosed properties.

XactPRM lets asset owners, mortgage servicers, field service providers, and contractors work together seamlessly and easily to send and receive assignments for repair and maintenance work, to track and document progress, to write bids for jobs, to estimate with an iPhone or iPad, and to manage with the help of detailed data analytics and management reports.

“With an average of more than 200,000 properties currently going into foreclosure each month, the industry is actively looking for solutions that are comprehensive and efficient,” said Jim Loveland, president and CEO of Xactware. “We used our experience solving similar challenges for the property insurance industry to build XactPRM specifically for the mortgage and property preservation market.”

XactPRM offers several benefits to mortgage and property preservation specialists:

  •     a property repair and maintenance estimator that lets users easily develop comprehensive bids
  •     an iPhone and iPad app that makes it fast and easy to estimate in the field
  •     built-in industry or company-specific inspection forms
  •     bid estimates based on Xactware’s ZIP code–level property repair and maintenance pricing data
  •     a business intelligence component that helps companies analyze data to enhance business decisions

Estimating

XactPRM is a comprehensive, easy-to-use estimating system that lets users develop detailed and documented bids for jobs large or small—from mowing the lawn to full-scale remodeling projects. XactPRM builds bids with the help of an internal database that includes more than 10,000 maintenance and repair pricing items specific to the real estate market. When an estimator receives an assignment for an estimate in another neighborhood or town, an up-to-date price list for the ZIP code region automatically comes with it. Xactware continuously researches cost data in 430 pricing regions in the United States, which is updated monthly.

A smartphone app for the field

With XactPRM, contractors or property preservation specialists can receive an assignment for work, develop a bid with local prices, enter any needed dimensions, complete the required forms, take photos and record audio notes, and submit the final bid using their iPhone or iPad. Information is instantly exchanged between asset owners, mortgage services, field service providers, and contractors without duplicate data entry.

Analytics

XactPRM business intelligence gives companies insight into the data underlying the repair and maintenance tasks for foreclosed properties. It lets users assign and approve jobs with a documented paper trail, resulting in a central repository of jobs that provides easy access to the current status and complete history of each property. Companies can identify trends on cycle time, pricing deviations, bid changes, historical price changes, and more, as well as receive monthly reports on cost changes for the underlying property repair maintenance data.

For more information, please visit http://www.xactprm.com.

About Xactware

Xactware Solutions (Xactware) is a Verisk Analytics company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or at http://www.xactware.com.

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Jens Dana
Xactware
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