Equator clients initiates 675,000 short sales
Clients of default servicing software company Equator initiated 675,000 short sales in the past two years using modules launched as part of the firm's EQ Platform, the technology provider claims. During the same period, the company's loan segmentation module processed 70,000 loans. One of the firm's newer modules incorporates borrower, loan and market data to help parties sort through the information to find the best workout solution for the mortgage. Equator launched its new short-sale module in February alongside other modules designed to expedite the loss mitigation process. "Short sales will continue to be a priority for servicers as loans sit longer in the foreclosure process," said Equator CEO Chris Saitta. Equator said it handled more than 50% of the mortgage servicing industry's completed actions within the Home Affordable Foreclosure Alternatives Program since the program's launch in April 2010. The one-stop shop platform is a noted trend in the industry. The Loan Post Inc. unveiled a new short-sale platform Monday that moves the entire process online and secures documentation with an e-signature. The platform — ShortSale360 — is designed to contain all relevant documents for a short sale and transport them to all parties involved. The technology includes compliance guidelines for the government-operated Home Affordable Foreclosure Alternatives program. Write to Kerri Panchuk.