Default servicing vendor Equator Financial Solutions has experienced a surge in the use of its short sale features on its servicing platform, and now the Los Angeles-based company is adding a new invoicing function to streamline payments.
On Monday, the company unveiled an option that gives residential servicers the power to automate invoice approval and cut payment wait times.
The new Invoice Module can be purchased as a standalone product or as an add-on feature within the EQ servicer platform. Servicers customize rules for each of their clients' portfolios. The rules determine which invoices are automatically approved for payment.
The software checks for duplicate invoices, and based on the set parameters for frequency and dollar amount, checks if an invoice meets the standard prerequisites for payment. If an invoice for a property preservation service, like a trash-out or re-key, meets the set parameters, including fitting in a specific price range for the given service, the invoice is approved for payment. Invoices that don't meet the criteria are flagged, allowing a servicing employee to address them on a case-by-case basis.
The EQ platform has long included an invoicing feature and other payment workflow software products already exist. But Equator says having the feature included in its platform makes it easier for invoices
to get processed. The new feature will allow real estate agents and vendors to get reimbursements faster, the company said.
Equator changed its name from REOTrans in October 2009. Since then, it expanded its offerings beyond REO disposition. Equator has 65 servicers using its platform, including four of the top five highest-volume shops.
