Equator Reports High Volume for Loans Processed, Short Sales Initiated
Since Equator launched its loan segmentation module in February, there have been more than 70,000 loans processed using this tool in the first quarter.
The loan segmentation module lets servicers analyze key data variables from the loan and the borrower and combine it with market data and history so that the loans can be channeled through a retention or liquidation strategy. The end result is the optimum workout path based on the borrower, market and loan data accompanied by an NPV.
“We are very excited about our new loan segmentation module which incorporates borrower, loan and market data into a robust model that determines the optimum path for the loan,” said John Vella, COO of Equator. “The combination of our extensive, real-time database and our highly configurable environment makes this module unique when compared to other products in the marketplace.”
The Los Angeles-based software provider of default servicing solutions also said there has been over 675,000 short sales initiated by clients on its EQ Platform during the same time period.
“Short sales will continue to be a priority for servicers as loans sit longer in the foreclosure process,” said Chris Saitta, CEO of Equator. “Our short sale module has proven to increase efficiencies, accelerate decision timelines and provide much needed compliance tracking in today’s highly regulated environment.”
According to the company, more than 50% of all industry HAFA closings took place on the loan segmentation module since the program launched in April 2010.
“Execution is the biggest challenge servicers face with government programs like HAFA,” Saitta said. “Equator removes this challenge by pre-configuring a robust solution that facilitates compliance with all HAFA regulations, shortens time frames and makes it available as either a standalone product or as part of a comprehensive short sale module.”