LOS ANGELES, April 28, 2011 /PRNewswire/ -- Equator® (EQ), the country's leading software provider of default servicing solutions, 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. Our Short Sale Module has proven to increase efficiencies, accelerate decision timelines and provide much needed compliance tracking in today's highly regulated environment," said CEO, Chris Saitta.
"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 COO, 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," said Vella.
Equator also reported that more than 50% of all industry 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," said Saitta.
Equator also recently launched its new website, featuring its Foreclosure Listing Service, where more than 62,000 active listings are available to view for free.
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 $195 billion in transactions. Currently, the EQ Marketplace hosts more than 760,000 agents, 24,000 vendors and 27,000 sellers, all contributing to 246,000 transactions per day. Equator is headquartered in Los Angeles with offices in Dallas, Denver, Irvine, Calif., and Portland, Ore.