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
"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.
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