This will give servicers using Equator PRO an immutable record of activities, data, events and decisions in connection with each loan serviced.
Using Factom’s blockchain solution, servicers will gain a distributed mechanism to preserve data, files and digital records, making them verifiable and independently auditable, Equator says in a release.
Equator PRO covers loan modification, short sale/deed-in-lieu, foreclosure/bankruptcy and real estate owned (REO) activities. Designed for all portfolio sizes, it provides servicers with tools to help manage defaulted loans and REO and make more strategic and cost-efficient default servicing decisions. It also helps them improve vendor oversight.
“Equator is committed to delivering technology that provides transparency and compliance throughout the default process,” says Patrick G. McClain, senior vice president of Equator and Hubzu Auction Services for Altisource. “Incorporating Factom’s blockchain tools will support our customers’ compliance obligations.”