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Equator Announces 300,000 Short Sale Initiations

By: Carrie Bay

Los Angeles-based Equator said Thursday that 300,000 short sales have been initiated on its platform since the short sale automation solution was launched in November 2009. Just over a month ago, the company hit the 200,000 mark, illustrating just how quickly short sale transactions are gaining momentum.

And the number of short sales is only expected to increase, with transactions conducted under the administration’s Home Affordable Foreclosure Alternatives (HAFA) program becoming a substantial percent of overall short sale volume. Homeowners who don’t qualify for a federal loan modification will be offered HAFA as a next-choice option under the government’s foreclosure prevention program.

Since January, Equator says its technology platform has processed twice the amount of short sales as REOs. While

the company’s REO volume has remained consistent in 2010, Equator reports a considerable increase in short sale activity. Its users completed an average of 196,822 short sale transactions per day during the first two months of the second quarter of 2010.

“More servicers recognize short sales as a viable foreclosure alternative, largely due to Equator’s technology, which has transformed a process traditionally known for expensive delays and few closings,” said John Vella, Equator COO. “Equator’s short sale solution has reduced the days on market to an average of 88 days, a dramatic improvement in productivity and cost savings.”

Equator explained that its short sale solution enables real-time, transparent communication between lenders, agents, and borrowers in order to streamline and maximize the process for all parties involved.

“Our short sale solution is fully configurable and offers a unique Borrower Portal,” said Equator’s CEO Chris Saitta. “Agents can now take a proactive, strategic approach to initiating short sales for their clients, providing quick fulfillment for lenders and assuring full compliance with government programs.”

Equator’s short sale platform includes the EQ Workstation, an workflow system that prioritizes task for users, and the EQ Marketplace, which connects financial institutions with more than 700,000 agents and 20,000 vendors. The Borrower Portal ensures a faster collection of the data needed to pursue a short sale, which Equator says helps to generate quicker responses and decisions by lenders.