""Equator"":http://www.equator.com, a Los Angeles-based software provider for the default servicing industry, announced Monday the launch of its new Professional REO solution.
[IMAGE]The company explained that PRO REO encompasses all the power and best practices of Equator's enterprise REO application in an affordable, quick and easy to adopt solution for the middle market.
""Now outsourcers and servicers can be up and running in less than a day,"" said Chris Saitta, CEO of Equator. ""They receive all the benefits of our best practices along with the ability to immediately transact with over 665,000 agents and 18,000 vendors electronically.""
[COLUMN_BREAK]Saitta noted that foreclosure moratoriums have lifted and the REO industry is preparing for increased volumes. ""Many of the sellers adopting PRO REO are converting from existing systems to gain the efficiency and scalability they'll need to handle post moratorium REO volumes,"" he said.
According to Saitta, sellers will gain the potential to establish midsourcer relationships with the large lenders and servicers using Equator. Over 58 servicers nationwide, including seven of the top 10, rely daily on Equator's platform to automate their various loss mitigation strategies, the company said.
Equator says by launching REO PRO, it has made definite inroads into the middle market. The company also plans to launch a mid-tier PRO version of their short sale solution in compliance with the administration's Home Affordable Foreclosure Alternatives (HAFA) program in the second quarter of this year.
Since its inception, Equator's REO, short sale, and loss mitigation platforms have handled over $115 billion dollars in transactions. Currently the company's EQ marketplace hosts over 665,000 agents, 18,000 vendors, and 13,000 sellers handling over 165,000 transactions daily.