Equator Launches HAFA Solution

LOS ANGELES, March 17 /PRNewswire/ -- Equator, the country's leading software provider of default servicing solutions, announces the launch of its Home Affordable Foreclosure Alternatives (HAFA) software solution, which will coincide with the beginning of the HAFA regulations.  Equator's solution provides Lenders and Servicers with the technology needed to service the hundreds of thousands of loans estimated to be eligible for HAFA in 2010.

HAFA is intended for homeowners who applied to HAMP but were declined for loan modifications.  HAFA allows a homeowner to satisfy a mortgage obligation by completing a Short Sale or Deed-In-Lieu on his property.  These regulations are designed to prevent additional foreclosures which, due to substantially increased volumes, many Servicers are already struggling with.  "The challenge Servicers face with regulations like HAFA is execution," said Equator CEO Chris Saitta. "Equator solves this by pre-configuring robust solutions that execute regulations like HAFA."

Equator's HAFA solution will offer a specifically designed best-practice workflow that enables Lenders and Servicers to complete Short Sale and Deed-In-Lieu dispositions, satisfying homeowners' burdensome loan obligations.  Equator's HAFA solution also facilitates governmental compliance by incorporating necessary forms, capturing all of the mandated reporting data and conforming to specified audit requirements.

"With the start of HAFA, Lenders and Servicers will be processing a record number of Short Sale and Deed-In-Lieu dispositions," says Saitta.  "Our HAFA solution was created to facilitate compliance with all HAFA regulations and time frames." All of the 125,000 Short Sales currently on the Equator platform can be seamlessly converted to use the HAFA solution. Equator's solution will enable Lenders and Servicers to more efficiently handle expected increases in volume.  Contact Equator at [email protected] for more details.

Equator is the premier provider of software solutions for the default servicing industry.  Equator's REO, Short Sale and Loss Mitigation platforms have handled over $115 billion dollars in transactions.  Currently the Equator Marketplace hosts over 665,000 Agents, 18,000 Vendors and 13,000 Sellers handling over 165,000 transactions daily.

SOURCE Equator