Default servicing software provider Equator has launched PRO REO into the middle market. The new tool, Equator says, encompasses the best practices of Equator's enterprise real estate owned (REO) application.
Company CEO Chris Saitta says outsourcers and servicers can implement PRO REO in less than a day.
‘They receive all the benefits of our best practices, along with the ability to immediately transact with over 665,000 agents and 18,000 vendors electronically,’ he explains.
The product launch comes as REO service providers prepare for expected volume increases. Foreclosure moratoria, combined with various loss mitigation programs, have created a loan bottleneck in the 90+ day delinquent and foreclosure buckets.
"Many of the sellers adopting PRO REO are converting from existing systems to gain the efficiency and scalability they'll need to handle post-moratorium REO volumes," Saitta adds.
Sellers also gain the potential to establish "midsourcer" relationships with the large lenders and servicers using Equator, the company says. Equator plans to launch a mid-tier PRO version of its short-sale solution with Home Affordable Foreclosure Alternative program compliance in the second quarter of this year.