DepotPoint Names Senior Financial Services Executive James G. Jones to Board of Directors

SEATTLE, Nov. 4 /PRNewswire/ -- DepotPoint, Inc., today announced that James G. Jones, with 35 years of management experience in banking, consumer lending, payment processing and related financial services, has joined the company's Board of Directors.

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.

"Jim is a highly seasoned executive with indepth knowledge of mortgage lending and servicing. He knows the business inside-out, and will be extremely helpful in guiding our company as we help our clients meet the challenges posed by today's historic default environment," said Prakash Kondepudi, President and CEO of DepotPoint.

Jones added: "DepotPoint has developed a technology platform that is uniquely suited to help mortgage servicers and asset managers process the unprecedented volume of default properties to head off foreclosures and manage those that do occur. The company's TrackPoint platform allows users to command and control task management and delegation, workflow and quality assurance to ensure regulatory compliance and deliver significant operational efficiencies ... be it through loss mitigation, short-sale facilitation, foreclosure management or REO asset disposal."

Jones' background includes directing various business lines at Citigroup, Crocker, Wells Fargo, Bank of America, Providian and GMAC-Residential Capital, including Branch Banking, Direct Retail Banking (Call Centers, Online Banking, Military Banking), Services Management (IT, Item Processing, Cash Management, Accounting and Reconcilement, Property Management), Consumer Credit (Residential Mortgage, Consumer Lending, Manufactured Housing), Commercial Real Estate, Payment Services and Insurance.

Jones also has served on numerous public and private company boards of directors. Among them are Visa-USA, E-Loan, BA Merchant Services, Residential Capital and Bank of America, NA (credit-card bank). In addition to DepotPoint, he currently serves on the boards of Merchant e-Solutions, Bora Payment Systems, Ready Financial, Advanced Payment Solutions (London) and Community Lend (Toronto).

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
    pr@DepotPoint.com

    Business contact for more information:
    Joe Filoseta, 425-278-2995
    Joe.Filoseta@DepotPoint.com