Real Estate management system
Altisource is a large and enormously successful company, providing services and technological solutions to the real estate, mortgage, asset recovery, and customer relationship industries. In particular, they are heavily involved in providing process management solutions in the mortgage and financial services sectors. Like any successful company, Altisource recognizes that constant product development is absolutely vital to their continued success, and that failure to stay at the front of the technological pack will all but guarantee that their competitors would step in and replace them as the market leader. With that in mind, Altisource resolves to refresh and update their product lines, and to bring new functionality to their clients. They turn to Softage to help them.
Altisource offers a great many products and systems to meet its clients’ widely varying needs. As part of their development and updating program they needed to revise and improve all the business logic which underpins the systems, incorporating the latest technological advances and improvements so that their clients would have access to the most up to date applications. They also identify a need to revise and develop the structure of their databases, and to make product support easier. To help them with these ambitious plans, Softage allocates an international development team of twelve developers, headed by one of our highly skilled Java architects.
All the systems provided by Altisource to its clients have a common core. This set of programs is used as the foundation for the company’s other products. It is the business logic in one of these core programs that is Altisource’s highest priority for development, and thus the focus for the Softage team’s efforts. They are able to reengineer the core program and allow Altisource developers to set business rules which are specific to the needs of each particular client. Once set, the core program uses those rules to monitor workflow and to enable any other activities, such as invoice generation, that the client might need.
One such workflow, intended to be combined with others, is specifically developed for the realty industry. It allows the client to retrieve information based on the requirements specified by the operator; these might be a mortgage quotation, property evaluation, request for an insurance assessment, or details of a property for sale. In the latter case, the system generates a list of potential vendors based upon the clients expressed preferences and a predetermined set of rules, and then selects the one that matches most closely the rule set. It contacts the first vendor, and sends what amounts to invitation to contract. It then waits for and evaluates the response, which may contain such variables such as asking price, situation with respect to buying and selling, and the time required to complete the sale. These are unusual and complex variables.
If the first potential contractor doesn’t answer, the offer is sent to next on the list, and so on. The client has the opportunity to review the vendor’s response and, if for any reason he or she feels that it is unsuitable, it is rejected and an alternative is sought. The rules for selection can be configured to suit the client’s requirements. For example, a number of invitations can be sent out simultaneously and the responses evaluated, or the system can be set to contact the first vendor who responds. The criteria on which the bids of rival vendors are evaluated will vary depending on the preferences of the client. The application can also compare the criteria specified by a client against the records held by a Realtor, varying them as the client sees fit.
The system can be adapted to serve the needs of almost any industry, not just the realty industry. It is also a white-label product, so it is one that can be rebranded to appear as though it was developed by any company using it.
The team is not at the implementation stage, and are planning product launch shortly. Altisource has asked our team to stay on and assist with other aspects of their project development work.
Development of this application requires that our team of specialists draw on their expertise and huge experience in Java, Spring, Hibernate, BPM activiti, the DROOLS rules engine and EXTJS