Equator Financial Solutions has developed a new segmentation module to evaluate strategies for loans that are more than 60 days delinquent that it plans to launch later this year. The software provider for the default servicing industry also has a new invoicing module that is under review by five servicers, it says. Equator CEO Chris Saitta sat down with HousingWire during the recent Five Star Default Servicing Conference and Expo in Dallas to unveil the new services and recap the company’s success with its still relatively new short sale platform. The segmentation module is an automated strategy that runs financial analysis like net present values and performs a check of government regulations to produce a recommendation on how a servicer should handle the delinquent loan. 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 automated system can also tap into Equator’s borrower portal to get the homeowner’s financials to help determine the best course of action. The segmentation module gives servicers back-end administration to change the decision rules at any time, Saitta said. Equator’s new invoicing module provides an automated, rules-based method to track invoices. Under the system, a servicer can set its own rules to provide for faster reimbursements. For example, 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. The servicer can also input an acceptable price range for reimbursements, and invoices that fall outside the range would be rejected and flagged for personal attention while those within the range would automatically be approved. The process allows servicers to set different rules for each portfolio and automatically identifies related expenses to find anomalies, Saitta said. Saitta also got HousingWire up to speed on its short sale module. Equator launched a short sale platform for lenders Nov. 1. It followed up with its HAFA treasury short sale platform April 5. HAFA Fannie and Freddie were added August 5. Since the launch, 400,000 short sales have been initiated in the system, Saitta said. Short sales in the system currently take 114 days from the initial point of contact until funds are received post closing, he said. That length for the short sale transactions has risen because of aged properties in the system, but Saitta said he expects the timeline for short sales to level off at about 114 to 115 days. Three major servicers are using the short sale platform and another three are expected to come onboard in the next few months, Saitta said. “Short sales have been a phenomenal success,” he said. Write to Kerry Curry.