Equator (EQ), a provider of default servicing solutions, has announced in its 2011 first quarter report that over 675,000 short sales have been initiated on the EQ Platform and its new Loan Segmentation Module has processed over 70,000 loans. "Short sales will continue to be a priority for servicers as loans sit longer in the foreclosure process," said Equator (EQ) Chief Executive Officer Chris Saitta. "Our Short Sale Module has proven to increase efficiencies, accelerate decision timelines and provide much needed compliance tracking in today's highly regulated environment."
"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 Equator chief Operating Officer John Vella. "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."
Equator also reported that more than 50 percent of all industry Home Affordable Foreclosure Alternatives (HAFA) closings have taken place on its platform since the HAFA program launched in April 2010.
"Execution is the biggest challenge servicers face with government programs like HAFA," said Saitta. "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."