Equator has launched EQforeclosure, a streamlined and transparent platform for managing the entire foreclosure process. EQforeclosure provides the foreclosure and bankruptcy teams at mortgage servicers with direct access to attorneys and other parties without the need of an outside third-party vendor directing the process. Until now, processing foreclosures and bankruptcies has been extremely difficult due to complex paperwork and extensive legal requirements, which can vary greatly by state and jurisdiction. As a result, many institutions have had little choice but to rely on third-party vendors to manage the process. EQforeclosure presents a new option that facilitates compliance, tracking and reporting requirements. With EQforeclosure, servicers can customize the process to meet their individual needs, allowing for pre-foreclosure rule changes, state-by-state status configuration, and flexible report cards.
“As we’ve seen from recent media reports, there have been some hard lessons learned by servicers and attorneys who process foreclosures through a third-party,” Equator Chief Executive Officer Chris Saitta said. “With EQforeclosure, we’ve eliminated the need for third-party involvement. The result is a much smoother, much more transparent workflow that leads to safer and faster outcomes.”
Equator surveyed servicers and attorneys throughout the U.S. on what they needed in a foreclosure solution, prior to developing EQforeclosure. Like other Equator modules, EQforeclosure provides servicers with access to all of its attorney networks, 26,000 vendor companies nationwide through the EQmarketplace—the Equator platform used to electronically order and receive services in a secure, Web-based environment. EQmarketplace integrates seamlessly with all major servicing and vendor platforms, and facilitates thousands of transactions daily, including REO sales, deed-in-lieu transactions, short sales and more.
“The demand for a better foreclosure solution has skyrocketed with longer foreclosure timelines, increasing requirements from government entities, and the need to avoid ‘headline exposure,’” Equator Chief Operating Officer John Vella said. “EQforeclosure gives servicers a much cleaner process that meets the strict demands of today’s environment. With EQforeclosure, Equator has truly become an end-to-end provider of default technology in the mortgage industry.”
