Short Sale Lives Up to Its Name

Improve timelines, reduce support costs and increase homeowner involvement

Short Sales have become the industry standard for default servicing. Equator’s® Short Sale product revolutionized the industry in 2008 by automating the entire process. Today, it continues to outperform the competition, delivering proven results for servicers.

Short Sale, like other Equator® products, unites agents, borrowers, customer service, vendors, and servicers within a common management framework. Electronic document collection gathers and stores all needed documentation, while checking integrated servicer and investor rules to validate all requirements have been met. Servicers can assist agents in setting property values and marketing strategies using integrated property marketing tools, and can order valuations according to investor rules in parallel with marketing activities. Offer review and approval is automated based on investor rules, MI requirements and servicer-determined value limits. Closing tracking monitors timelines, ensuring adherence from all parties while providing real-time status updates via EQagent, Equator’s® agent portal.

Reduced decision timelines are made possible thanks to Short Sale. Agent initiation empowers any real estate agent to begin the short sale process on behalf of their client, without phone calls, faxed documents, or any effort from the servicer. Electronic document collection helps servicers centralize all needed information, and eliminate the possibility of losing documents. In conjunction with investor rules, documents are automatically delivered, further reducing timelines. Task SLAs incorporated into every task escalate missed deadlines to management, reducing timelines and non-compliance.

Our Short Sale product includes a number of advanced controls for investor compliance. Valuations can be automatically ordered and updated via configurable investor rule sets. Investors can configure document controls to automatically receive copies of documents as they are entered, as well as offer approval rules to quickly accept or reject offers on properties. Closing confirmation matrices provide redundancy for offer validation, ensuring all agreed upon values are met. Finally, dual tracking controls communicate directly with bankruptcy and other loss mitigation teams, sharing all available information for alternatives if needed.

Benefits:

  • Eliminate lost documents and files
  • Reduced customer support costs
  • Improved involvement with home owners
  • Reduced staffing and training requirements
  • Improved short sale timelines

For more information on this product, please contact Business Development