DSNews The homepage of the servicing industry
""Equator"":http://www.equator.com announced Wednesday that it has completed implementations of its PRO REO Workstation with several middle-market firms: Kingdom First Properties LLC, Metro Brokers Inc., Pacifica Companies LLC, and Lifeway Capital Inc.
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The Los Angeles-based software developer ""rolled out the new"":http://dsnews.comarticles/equator-launches-pro-reo-solution-aimed-at-middle-market-2010-03-08 PRO REO solution in March, which allows outsourcers and smaller servicers to immediately transact with over 730,000 agents and 21,600 vendors electronically to manage, market, and sell their REO properties.
In the aftermath of the foreclosure crisis and with still-weak housing conditions, REO inventories have
[COLUMN_BREAK]ballooned. Equator CEO Chris Saitta notes that servicers, some of whom have never had to deal with REOs, now have a tremendous amount of pressure to find effective alternatives to efficiently manage their REO volumes.
""They need to collaborate with other default professionals and streamline their efforts,"" Saitta said. ""PRO REO connects servicers, agents, and vendors to improve the management of these properties while decreasing inventories.""
According to Equator, the PRO REO Workstation was specifically designed for rapid implementation to allow middle-market financial institutions to be up and running very quickly.
The company says its PRO REO solution enables sellers, agents and vendors to interact in a real-time, transparent environment, with automated tasking and decision-making to reduce average disposition times and lower operational costs.
PRO REO also ensures portfolio-wide compliance through standardization and tracking of all tasks, Equator explained.
Since its inception, Equator's REO, short sale, and loss mitigation platforms have processed more than $185 billion in transactions.
