Equator launches model to streamline mortgage servicing invoicing
Equator Financial Solutions launched its EQ Invoice Module Monday, a program designed to simplify and quicken the invoice process for servicers. As HousingWire first reported, the program streamlines invoicing by integrating an intuitive workflow that instructs users on which actions to take and when to fulfill each task based on the information they have already provided. With regard to a delinquent loan, for example, it suggests disposition via a short sale, deed-in-lieu or loan modification, including looking into the viability of the Home Affordable Modification Program, or HAMP, and Home Affordable Foreclosure Alternatives, known by its acronym HAFA. The EQ Invoice Module monitors duplication of information as well as dollar amounts of claims in each portfolio. The default/servicing software solutions firm said the program identifies invoices that should be rejected on a case by case basis. Users also benefit from an investor-focused engine, to which they can set auto-approval thresholds for the system to immediately approve invoices. For instance, a servicer could set up the system to approve lawn mowing every 30 days. If it receives a bill for cutting the grass once a week, it would automatically be rejected and flagged, but invoices that fall within the parameters would automatically be approved, thus speeding up the reimbursement process. Equator CEO Chris Saitta said the module is useful because it keeps all documents in one place and provides an end-to-end trail of transactions. The system can hold years worth of documentation. EQ Invoice is available to existing Equator clients and potential new clients. Write to Christine Ricciardi.