Equator, a provider of default-servicing software, reports that its platform is automating over 125,000 active short sales.
Equator's short-sale solution, which launched in November 2009, automates servicers' proactive and responsive efforts, the company says. The software includes a borrower portal that gathers borrowers' financial information and provides real-time status updates.
The system also automates servicers' valuation and multi-decision process, Equator says. Once an offer is accepted, it is monitored to assure a successful and timely closing. Equator also provides a short-sale and deed-in-lieu process flow that the company says complies with federal Home Affordable Foreclosure Alternatives program guidelines.
Th e company adds that short sales sold through its system average 88 days from initial contact to the sale closing.