Equi-Trax Alerts Servicers of Potential Loan Mods, Short Sales
Collateral valuation provider Equi-Trax Asset Solutions unveiled its new current listing search offering, which searches a servicer's portfolio to determine which properties are currently on the market, alerting the servicer to potential short sales, modifications or portfolio retention opportunities. “Knowing when a property hits the market is critical for companies that want to keep that asset in their portfolios," said CEO Guy Taylor. The new offering searches approximately 72% of all US multi-listing services and covers most major metropolitan statistical areas. The product combines property information with broker contact information and, where available, past listing information to streamline the process. “This is a very affordable way for servicers to analyze their portfolios with an eye toward keeping good loans,” Taylor said. “If a borrower is putting a home up for sale because they think they’re in trouble, the servicer needs to know this at the earliest possible moment so they can keep the borrower in the home, keep the loan current and or proactively facilitate a short sale." Taylor added: "If the borrower is moving, it constitutes a hot mortgage sales lead for the originator.” Write to Diana Golobay.