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ABA endorses asset-purchasing platform Bank Assetpoint

home_logoThe American Bankers Association recently endorsed Bank Assetpoint, a national e-marketplace that connects banks and other parties seeking to buy or sell underperforming or distressed bank assets.

Real estate brokers, bankers and other industry participants can access the service to post or browse listings for a number of assets, including performing and non-performing loans, loan participations, loan pools and bank-owned commercial real estate. Banks can also use Bank Assetpoint, which is serviced by Promontory Interfinancial Network, to find real estate brokers, loan sale advisers, asset appraisers and other specialty providers based on certain search criteria, Equities.com reports.

“For a decade now, Promontory has delivered quality services that have enhanced bank competitiveness and profitability,” ABA CEO and President Frank Keating said, according to Equities.com. “Weeks after Promontory offered its flagship service, the Certificate of Deposit Account Registry Services, or CDARS, in 2003, ABA endorsed it. We later endorsed two other funding services Promontory created, and today we are just as pleased to include Bank Assetpoint as an ABA-endorsed solution to our members.”

The service also includes a virtual room that allows asset sellers to post and control access to confidential information regarding assets for use by buyers in performing due diligence. Posting fees will be waived during the introductory period lasting until December 31, and fees for pre-2009 assets will be waived indefinitely.

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