LOS ANGELES, Dec. 28, 2010 /PRNewswire/ -- Equator (EQ), the country's leading software provider of default servicing solutions, announced today that over $100 billion in assets have been sold through its platform since 2003, and more than 500,000 short sales have been initiated since its launch of the industry's first comprehensive automated short sale solution last year.
"This quarter was very busy, with many lenders and servicers looking to adopt proven technology solutions in anticipation of the increased volumes and compliance that 2011 will bring," said CEO Chris Saitta.
According to its Q4-2010 report, Equator continues to see substantial growth with its Short Sales and HAFA solutions. "Our Short Sale and HAFA Workstations continue to provide servicers with a viable foreclosure alternative by generating faster responses and decisions, thereby offering impressive cost savings," said COO John Vella. "With over 140,000 HAFA initiations to-date, and over 40,000 of those coming in Q4, Equator's HAFA Workstation remains the most popular HAFA automation on the market," said Vella.
Equator also plans to offer several new modules in 2011 which will seamlessly interface with existing modules to offer a best in class, end-to-end default suite to assist servicers with upcoming inventories.
Founded in 2003, Equator is the premier provider of software solutions for the default servicing industry. Three of the top five financial institutions currently use Equator’s platform. Equator's REO, Short Sale and Loss Mitigation platforms have processed more than $190 billion in transactions. Currently, the EQ Marketplace hosts more than 740,000 agents, 22,000 vendors and 24,000 sellers, contributing to 212,000 transactions per day. Equator is headquartered in Los Angeles with offices in Dallas, Denver, Irvine, Calif., and Portland, Ore.