Equator, the country’s foremost provider of default servicing technology, reported this week that its third quarter report included over one million short sales initiated through their software platform, since November 2009. The software company also announced that its Loan Segmentation Module has managed over 500,000 loans since its launch earlier this year.
A representative of the company confirmed that they were very pleased with the numbers and the proportion of struggling homeowners that their platform has helped avoid foreclosure. The Equator platform helps users by managing their financial needs and ensuring that the processing time of a short sale is decreased significantly.
Increase in Use of Technological Short-Sale Management Platforms
These statistics are yet more evidence of the increased use of short sales as a means of avoiding foreclosure. Though experts worried that the length of time necessary to process these sales made them undesirable, technological platforms such as Equator are contributing to a rise in short sale transactions. By increasing the ease of processing a short sale and diminishing the time it takes to do so, such methods make short sales a viable solution.
Thus, the popularity of the Equator platform demonstrates not only the increased use of short sales as a way of avoiding foreclosure, but also the popularity of technological platforms in the management of such matters. Equator has already reported processing more than $195 billion in transactions, from more than 800,000 agents, 26,000 vendor companies, and 30,000 client users. This all totals more than 250,000 transactions per day.