Equator, a technology provider for the default servicing industry headquartered in Los Angeles, California, has announced the launch of its new agent-initiated short sale feature. The new feature gives agents the ability to request a short sale on behalf of their homeowner clients, initially bypassing the lender to open up the process on their own.
“Traditionally, requesting a short sale meant borrowers had to call their lender, which was often a time-consuming process,” explained Chris Saitta, CEO of Equator. “Agents can now provide the additional service of requesting a short sale directly through Equator.”
Saitta says agent initiation makes the progression easier for both the borrower and the lender, and brings short sales to fruition in dramatically less time.
“Equator’s solution provides a borrower self -service portal where borrowers can upload financials and receive real-time status updates,” Saitta said. “It automates every step of the lender’s internal process facilitating valuation and approvals while monitoring the eventual sale.”
Saitta says many of the industry’s top lenders and servicers are either using or adopting Equator’s short sale solution, and the system has already started accepting agent-initiated short sales for a large national lender.
“Short sales are a great alternative to foreclosures, but without a comprehensive automation solution many have simply avoided them,” Saitta explained. “Equator’s platform removes these barriers to entry and allows everyone to realize the benefits of short sale.”
Lenders have the option to enable the new agent initiation feature. According to Saitta, agent initiation helps lenders by lowering their call volumes and involving their decision-makers quicker so they can be more responsive. Final determination of whether the property in question qualifies as a short sale is at the discretion of the lender or servicer.
Equator has handled more than $113 billion in default-property transactions. The company says with its configurable EQ workstation, EQ marketplace, and new “self-service” borrower portal, Equator is the preferred platform for seven of the top 10 lenders and servicers nationwide.
In addition to its headquarters in Los Angeles, Equator maintains field offices in Irvine, California; Dallas, Texas; and Denver, Colorado.