Last Friday’s “Default Technology Provider Initiated 1.2 Million Short Sales” story is incorrect, as the headline should read “Default Technology Provider’s Software Facilitates 1.2 Million Short Sales.” We regret the error. The corrected item follows.
Default Technology Provider’s Software Facilitates 1.2 Million Short Sales
By Evan Nemeroff
Since launching its short sale module in November 2009, the default servicing technology provider Equator said approximately 1.2 million short sales have been facilitated through its platform.
The Los Angeles-based company’s module automates the entire short sale process for mortgage servicers, default servicing outsourcers and real estate professionals. The module enables a servicer to lower loss severity by automating the workflow and improving connectivity with agents, borrowers and vendors.
By combining the company’s short sale module and borrower portal, the borrower can interact with an agent and servicer in order to facilitate the transfer of data and documents during the short sale process. The platform handles every aspect of default from loan segmentation, loan modification, short sale, deed in lieu, invoicing, foreclosure processing and REO.
Equator also said that its loan segmentation module has processed more than 875,000 loans in 2011. The company added that all of its REO, short sale and loss mitigation modules have processed more than $150 billion in transactions since 2003.
“The enormous volume that has run through the loan segmentation model has allowed Equator to validate its value and we anticipate that the volume in 2012 will at least double,” said John Vella, chief operating officer of Equator.
Daily Briefing | Tuesday, January 3, 2012
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Internet Bank Ready to Launch Warehouse Business
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Parent Company Contributes $200MM to MGIC
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NAMB Loses Government Affairs Chief
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Long Island Lender Names Bluver CEO
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Seven Plead Guilty in Massive Ohio Straw Borrower Fraud
Seven individuals in the Cleveland area have agreed to plead guilty to bank fraud charges in the 2010 failure of St. Paul Croatian Federal Credit Union and will testify against the main figure in the case, a purported international crime figure.
New Apps Down for Mortgage Insurers
November was the second best month of last year in terms of new private mortgage insurance written, but new applications received declined from October, according to the Mortgage Insurance Cos. of America.
‘Soldier of the Year’ Gets New Foxhole
The Army Times’ 2009 Soldier of the Year is now a homeowner, thanks to GMAC Mortgage.