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Equator Launches HAFA Software Solution

With the effective date of the administration's Home Affordable Foreclosure Alternative (HAFA) program just around the corner, lenders and servicers are preparing for an influx of short sale and deed-in-lieu requests.


In an effort to provide industry professionals with the technology they will need to service the hundreds of thousands of loans estimated to be eligible for HAFA, ""Equator Financial Solutions"":https://www.equator.com/index.cfm, a Los Angeles-based software provider of default servicing solutions, is launching a HAFA software solution.

The launch of Equator's HAFA solution will coincide with the beginning of HAFA, which is intended for homeowners who were declined for loan modifications under the Home Affordable Modification Program. This new program will


allow homeowners to satisfy their mortgage obligation by completing a short sale or deed-in-lieu on their property. These regulations were designed to prevent additional foreclosures, which many servicers are already struggling with.

""The challenge servicers face with regulations like HAFA is execution,"" said Chris Saitta, Equator's CEO. ""Equator solves this by pre-configuring robust solutions that execute regulations like HAFA.""

The new software will offer a specially-designed, best-practice workflow that enables lenders and servicers to complete short sale and deed-in-lieu dispositions, satisfying homeowners' burdensome loan obligations. In addition, the HAFA solution will facilitate governmental compliance by incorporating necessary forms, capturing all of the mandated reporting data and conforming to specified audit requirements.

""With the start of HAFA, lenders and servicers will be processing a record number of short sale and deed-in-lieu dispositions,"" Saitta said. ""Our HAFA solution was created to facilitate compliance with all HAFA regulations and time frames.""

According to Equator, all of the 125,000 short sales currently on its platform can be seamlessly converted to use the HAFA solution, which will enable both lenders and servicers to more efficiently handle expected increases in volume.

About Author: Brittany Dunn


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