by Carrie Bay
Equator launched a new Web site Friday along with three new modules: Loan Segmentation, REO Segmentation, and Invoice Management.
“These new modules will seamlessly interface with existing modules to offer a best in class, end-to-end default suite to assist servicers with upcoming inventories,” said Chris Saitta, CEO of the Los Angeles-based software developer.
John Vella, Equator’s COO, says the new Loan Segmentation module can take months off the timeline of a loan workout, while improving the borrower’s experience and increasing scale for the servicer.
The solution can be employed at the 60-day to 120-day delinquency stage to route loans to the right channels within a servicer’s loss mitigation department earlier in the process to ensure optimal outcome for the loan, Vella explained.
“With the velocity and frequency of loans flowing into the foreclosure bucket this year, the need for servicers to adopt a delinquent Loan Segmentation module is paramount,” Vella said.
Within the Loan Segmentation module, servicers can also analyze key data variables from the loan and the borrower and combine that with relevant market data, historical characteristics, and a net present value (NPV) to determine the appropriate retention or liquidation strategy.
To meet the expected increase in REO inventories in 2011, Equator is also offering an REO Segmentation module which can be used for managing disposition strategies for bank-owned properties.
The company explained that the system incorporates analysis of market and property data to determine the most suitable disposition path, such as: rental, hold, quick sale, repair, donate, or auction. From there, the module determines the expected net proceeds per disposition strategy to support its recommendations.
“Using Equator’s REO Segmentation module will allow for consistent disposition strategy amongst outsourcers and internal asset managers as well as maximize net proceeds to the investor,” Saitta said.
Equator’s third new product, an Invoice Management module, allows users to transparently track and manage invoice statements.
The company says users will benefit from a full investor-based rules engine, enhanced communication between parties, and an end-to-end paper trail for audit control. Users can also set auto-approval thresholds for the system to instantly approve invoices that fall within the pre-specified parameters.
Equator’s new Web site also includes information on the company’s full suite of products and services, including its short sale and REO solutions, and features Equator’s foreclosure listing service with over 50,000 active foreclosure listings available to view.