LOS ANGELES, March 15 /PRNewswire/ -- Equator, the country's leading software provider of default servicing solutions, announced today that their platform is automating over 125,000 active Short Sales. Equator is the first to provide a comprehensive online Short Sale automation solution.
"In the past, many short sales would never come to fruition and the ones that did averaged over half a year to complete," said Chris Saitta, CEO of Equator. Equator's platform has dramatically increased Short Sale success rates. Short Sales sold through Equator averaged 88 days from initial contact to the sale closing. "One property closed in 17 days, which is not the norm but it's nice to know it's possible!" explained Saitta.
Short Sales are becoming an increasingly vital strategy for lenders in their struggle to clear underperforming assets. The keys to a successful Short Sale are accessibility, responsiveness, communication and fulfillment.
Equator's short sale solution, which launched in November 2009, automates Servicers' proactive and responsive efforts. The borrower portal gathers the borrower's financial information and provides real-time status and consistent feedback. The system also automates the Servicers' valuation and multi-decision process. Once an offer is accepted it is monitored to assure a successful and timely closing. Equator also provides a HAFA compliant Short Sale and Deed in Lieu process flow.
Equator is the premier provider of software solutions for the default servicing industry. Equator's REO, Short Sale and Loss Mitigation platforms have handled over $115 billion in transactions. Currently the EQ marketplace hosts over 665,000 Agents, 18,000 Vendors and 13,000 Sellers handling over 165,000 transactions daily. Equator is headquartered in Los Angeles, CA with offices in Irvine, CA, Dallas, TX, Denver, CO, and Portland, OR.
SOURCE Equator, LLC
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