Equator, formerly known as REOTrans, says a ‘large national lender’ has gone live with its recently launched short-sale module. A San Francisco Chronicle article from Wednesday indicates that Bank of America, in addition to adding to its short-sale staff, has adopted the Equator module.
By adopting Equator, the lender is now accessible 24/7 via a borrower portal, the company says. Borrowers can provide information and offers electronically and receive real-time status updates through the portal. The system also automates decisions, handles approvals, provides fulfillment and assures full compliance with government programs, according to Equator CEO Chris Saitta.
"This is the first time that short sales have been handled through an electronic platform," Saitta adds. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors and real estate agents."
Equator has handled more than $65 billion in default-property transactions since the company's founding in 2003.