Equator Launches Three New Products to Help Servicers with REO and Short Sale Inventory
Share:
LOS ANGELES, Feb. 18, 2011 -- Equator(® )(EQ), the country's leading software provider of default servicing solutions, now offers lenders and servicers three new modules: Loan Segmentation, REO Segmentation and Invoice Management. "These new modules will seamlessly interface with existing modules to offer a best in class, end-to-end default suite to assist servicers with upcoming inventories," said CEO Chris Saitta.
"With the velocity and frequency of loans flowing into the foreclosure bucket this year, the need for servicers to adopt a Delinquent Loan Segmentation module is paramount," said COO John Vella. "By using Equator's new Loan Segmentation module at the 60-120 day bucket of delinquency, servicers will be able to route the right loan to the right person early on in the delinquency to insure optimal outcome for the loan." Within the Loan Segmentation module, servicers will also be able to analyze key data variables from the loan and the borrower and combine it with market data and history, so that loans can be channeled through a retention or liquidation strategy. The end result is the optimum workout path based on the borrower, market and loan data accompanied by an NPV. "This new module takes months off the timeline of a workout and improves severity as well as customer service while increasing scale for the servicer," said Vella.
With an increase in REO expected in 2011, Equator is offering an REO Segmentation module which can be used for managing disposition strategies for REO properties by analyzing market and property data, and producing the desired disposition path such as: rental, hold, quick sale, repair, donate or auction. From there, the module determines the expected net proceeds per disposition strategy to support its recommended disposition method. "Using Equator's REO Segmentation module will allow for consistent disposition strategy amongst outsourcers and internal asset managers as well as maximize net proceeds to the investor," said Saitta.
Equator's third new product, an Invoice Management module, is now available for all existing Equator clients as well as companies seeking to leverage Equator's industry expertise. "Our Invoice Management Solution takes invoice tracking and management to a new level, providing significant efficiency gains and transparency to its users," said Saitta. Users will benefit from a full investor-based rules engine, enhanced communication between parties and a complete end-to-end paper trail which provides unprecedented audit control. Users can also set auto-approval thresholds for the system to immediately approve invoices that fall within the pre-specified parameters, saving time and money.
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 750,000 agents, 23,000 vendors and 25,000 sellers, all contributing to 239,000 transactions per day. Equator is headquartered in Los Angeles with offices in Dallas, Denver, Irvine, Calif., and Portland, Ore. For more information, log on to equator.com.
SOURCE Equator
CONTACT: Equator, +1-310-469-9500, public.relations@equator.com
Web Site: equator.com
