December 29, 2010: Lenders initiated more than 500,000 short sales on Equator’s automated platform in one year of operation, the technology provider said Tuesday.
The company said it has seen “substantial growth” in its short sale operations, including a platform built specifically for the government’s Home Affordable Foreclosure Alternatives program, which launched in April to provide incentives to servicers for short sales and deeds-in-lieu of foreclosure.
Equator reported initiated short sales, meaning not all have closed. Short sales can be a long and tedious process as borrowers, servicers, lenders and investors must all agree on the terms of sale instead of foreclosing. Data from the Congressional Oversight Panel suggested lenders are moving most of their short sales out of the HAFA program and into their own programs. According to COP, the Treasury Department has spent only $4.3 million through the program, translating to roughly 661 closed transactions in eight months states Housing Wire.
