Default servicing software provider ""Equator"":https://www.equator.com announced Monday that the company's platform is automating over 125,000 active short sales.
[IMAGE]With the implementation date for the administration's Home Affordable Foreclosure Alternatives (HAFA) program just weeks away, lenders are already turning to short sales as a vital strategy for resolving underperforming assets.
[COLUMN_BREAK]The Los Angeles-based Equator stresses that the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment.
""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.
Saitta says Equator's platform has dramatically increased short sale success rates, with transactions averaging just 88 days from initial contact to the sale closing. According to Saitta, Equator's technology has reduced the short sale timeline to the point that one property even closed within 17 days.
The company explained that its short sale solution, which launched in November 2009, automates servicers' proactive and responsive efforts. The borrower portal gathers the homeowner's financial information and provides real-time status updates and feedback. The system also automates the servicers' valuation and multi-decision process. Once an offer is accepted it is monitored to ensure a successful and timely closing, the company said.
Equator also provides a HAFA-compliant short sale and deed in lieu process flow.