Equator Announces Agent-Initiated Short Sale

Jan 28, 2010, 10:00 ET from Equator

LOS ANGELES, Jan. 28 /PRNewswire/ -- Equator, the leading technology provider for the Default Servicing industry, announced the launch of its new Agent-Initiated Short Sale feature. The new feature gives Agents the ability to request a Short Sale on behalf of their clients.

"Traditionally, requesting a Short Sale meant Borrowers had to call their Lender, which was often a time-consuming process," says Chris Saitta, CEO of Equator.  "Now agents can now provide the additional service of requesting a Short Sale directly through Equator. This makes it easier for the Borrower and speeds up the process considerably," says Saitta.

Equator is currently the only servicing platform that provides a comprehensive Short Sale solution and borrower Self Service portal. According to Saitta, many of the industry's top Lenders and Servicers are either using or adopting Equator's Short Sale solution. "Equator's solution provides a Borrower self -service portal where Borrowers can upload financials and receive real-time status updates. It automates every step of the Lender's internal process facilitating valuation and approvals while monitoring the eventual sale."

"Short Sales are a great alternative to foreclosures, but without a comprehensive automation solution many have simply avoided them," adds Saitta.  "Equator's platform removes these barriers to entry and allows everyone to realize the benefits of Short Sale. Agent Initiation makes it easier for Borrowers and Lenders start the process faster. The Equator platform brings Short Sales to fruition in dramatically less time."

Lenders have the option to enable the new Agent Initiation feature. According to Saitta, Agent Initiation helps Lenders by lowering their call volumes and involving their decision makers quicker so they can be more responsive.

Equator has handled more than $113 billion in default-property transactions. Equator is the nation's leading provider of default servicing solutions. With a configurable EQ workstation, vibrant EQ Marketplace and new "Self-Service" Borrower Portal, Equator is the preferred platform for 7 of the top 10 lenders and servicers nationwide. Equator is headquartered in Los Angeles and maintains field offices in Irvine, CA, Dallas, TX and Denver, CO.

SOURCE Equator