Equator, a default servicing platform provider, announced the addition of two senior executives to keep step with the company's growth.
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Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA's short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks. Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer, and they will be able to complete tasks such as document collection, valuations, and underwriting at the same time.
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Default technology provider Equator has promoted Chris Michaels to VP of product development and Robert McKinley to VP of business development. Michaels has nine years of business analysis and product development experience. He will lead the team that provides business process solutions and system design for all Equator's clients. McKinley has led Equator's business development effort while working closely with new and existing customers. In his new role, he will continue to foster new business relationships.
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Equator, a Los Angeles-based provider of ecommerce, data, and professional services to the default servicing industry, is releasing a new product designed exclusively for real estate agents. "This is the first time there's an enterprise-level solution for agents," Chris Saitta, CEO of Equator told DSNews.com. Currently, most agents rely on a variety of software, but REvolution will them to manage all their daily tasks through one program.
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The nation's leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure - both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents.
Wells Fargo has increased its financial relocation assistance to as much as $20,000 in states where the foreclosure process is lengthening. Bank of America is now allowing agents to submit a new backup offer for a short sale property if the original buyer has walked away.
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Equator reports that over 675,000 short sales have been initiated on its platform since the short sale capabilities were launched in November 2009. The company's short sale technology module connects lenders, homeowners, and their selling agents in order to streamline the approval process for transactions. The company also reported that more than 50 percent of all short sale closings under the federal government's Home Affordable Foreclosure Alternatives (HAFA) program have taken place on its platform.
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Equator launched a new Web site Friday along with three new modules: Loan Segmentation, REO Segmentation, and Invoice Management. The company says these new modules will seamlessly interface with existing modules to offer an end-to-end default suite to assist servicers with upcoming inventories.
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Default servicing software provider Equator has sold more than $100 billion in assets through its platform since 2003, according to an announcement from the company. In addition, since launching its automated short sale solution in November 2009, the company has initiated more than 500,000 short sales. The company plans to offer several new modules later this year that will interface with existing technology to assist servicers with growing inventories of distressed assets.
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Equator has named industry veteran Mick Goldstein as manager of vendor solutions. Goldstein will support Equator's vendor products and services. Goldstein is former EVP of business development for RealtyData Corp., where he managed sales of the company's products and technology to mortgage lenders and title companies.
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In an effort to simplify the invoicing process and expedite reimbursements for the servicing industry, Equator has created an invoice tracking system called EQ Invoice Module. The company says the system streamlines the approval process by allowing servicers to configure different rules per portfolio and communicate with agents and vendors online. All existing Equator clients have access to the new EQ Invoice Module.
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