Equator has launched a Home Affordable Foreclosure Alternatives (HAFA) software solution to help servicers comply with the upcoming short-sale program.
HAFA, an offshoot of the Home Affordable Modification Program, provides financial incentives to servicers, borrowers and investors to complete short sales or, alternatively, deeds-in-lieu of foreclosure. The program takes effect April 5.
Equator's HAFA solution will offer a specifically designed best-practice workflow that enables servicers to complete such dispositions, the company says. The software facilitates governmental compliance by incorporating necessary forms, capturing all of the mandated reporting data and conforming to specified audit requirements, Equator adds.
‘The challenge servicers face with regulations like HAFA is execution,’ says Equator CEO Chris Saitta. ‘Equator solves this by pre-configuring robust solutions that execute regulations like HAFA.’