Equator has announced in its report on the third quarter of 2011 that more than one million short sales have been initiated through their platform since its launch in November 2009. The company also reported that its Loan Segmentation Module has processed more than 500,000 loans since its launch in early 2011.
"Short sales continue to be a viable option to foreclosure," said Chris Saitta, chief executive officer of Equator. "Our platform has helped servicers by serving their needs, increasing pull through and shortening time frames, which has led to the initiation of over one million short sales."
According to Equator, four of the top five financial institutions currently use their platform. Equator's REO, short sale and loss mitigation platforms have processed more than $195 billion in transactions. Currently, the EQ Marketplace hosts more than 800,000 agents, 26,000 vendor companies and 30,000 client users, all contributing to more than 250,000 transactions per day. Equator is headquartered in Los Angeles with offices in Seattle, Dallas, and Irvine, Calif.
"We are also very excited that over half a million loans have been run through our loan segmentation model generating optimal outcome work flow on a loan level basis," said John Vella, Equator's chief operating officer. "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 recently announced plans to launch a new comprehensive software solution for real estate professionals called REvolution in early 2012. REvolution will be the first enterprise level solution for real estate professionals which will allow them to handle both distressed and traditional properties seamlessly through one system.
"With REvolution, agents will now have access to the same type of workflow systems that servicers have been using," said Saitta.