Equator, a software provider of default servicing solutions, has announced the launch of its Home Affordable Foreclosure Alternatives (HAFA) software solution, which will coincide with the beginning of the HAFA regulations. Equator's solution provides lenders and servicers with the technology needed to service the hundreds of thousands of loans estimated to be eligible for HAFA in 2010.
HAFA is intended for homeowners who applied to HAMP but were declined for loan modifications. HAFA allows a homeowner to satisfy a mortgage obligation by completing a short sale or deed-in-lieu on their property. These regulations are designed to prevent additional foreclosures which, due to substantially increased volumes, many servicers are already struggling with.
"The challenge servicers face with regulations like HAFA is execution," said Equator Chief Executive Officer Chris Saitta. "Equator solves this by pre-configuring robust solutions that execute regulations like HAFA."
Equator's HAFA solution will offer a specifically designed best-practice workflow that enables lenders and servicers to complete short sale and deed-in-lieu dispositions, satisfying homeowners' burdensome loan obligations. Equator's HAFA solution also facilitates governmental compliance by incorporating necessary forms, capturing all of the mandated reporting data and conforming to specified audit requirements.
"With the start of HAFA, lenders and servicers will be processing a record number of short sale and deed-in-lieu dispositions," says Saitta. "Our HAFA solution was created to facilitate compliance with all HAFA regulations and time frames."
For more information, visit www.equator.com.