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LOS ANGELES--(BUSINESS WIRE)--Equator (EQ), the country’s leading software provider of default servicing solutions, announced today that 300,000 short sales have been initiated on its platform since its November 2009 launch of the industry’s first comprehensive automated short sale solution.

Equator’s innovative short sale solution enables real-time, transparent communication between lenders, agents and borrowers, thereby maximizing performance. “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 intuitive 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 additionally ensures the rapid collection of data, which helps to generate faster responses and decisions by lenders.

“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,” explained 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.”

The number of short sales is expected to increase, with Home Affordable Foreclosure Alternatives (HAFA) short sales becoming a substantial percent of overall short sale volume. Equator’s REO volume has remained consistent in 2010; however, since January, Equator’s platform has processed approximately twice the amount of short sales as REOs. Equator also reported a dramatic increase in activity as its users completed an average of 196,822 transactions per day during the first two months of the second quarter of 2010.

About Equator

Founded in 2003, Equator is the premier provider of software solutions for the default servicing industry. Seven of the top ten financial institutions currently use Equator’s platform. Equator’s REO, Short Sale and Loss Mitigation platforms have processed more than $120 billion in transactions. Currently, the EQ Marketplace hosts more than 700,000 agents, 20,000 vendors and 16,000 sellers, contributing to 210,000 transactions per day. Equator is headquartered in Los Angeles with offices in Dallas, Denver, Irvine, Calif., and Portland, Ore.

I have been using Equator formerly REOTrans since 2007 and am a Certified Equator Expert.  If you have a B of A loan this is where the short sale will need to iniated and managed.  Please call me today to find out your options for avoiding foreclosure.