Short Sale Report - Equator

Equator (formerly REOTrans) is a transaction management portal that has been used by the REO industry for BPO and REO assignments and tracking. Most recently they introduced a short sale system for managing the documents and the communication between the homeowner, lender and realtor.

Although Equator is not a lender we wanted to create an entry so that realtors and homeowners could share comments, tips, tricks, and other information. The 2 largest lenders using Equator are Bank of America and GMAC. We have heard that another major lender is considering using Equator also.

We are told that as a document collection facility it is preventing documents from being lost and saves approximately 2-3 weeks. We have also been told that this just means your denial comes much faster and when they check "other" as reason for the denial it can feel very frustrating. We have also been told that the way GMAC uses the platform is much more user friendly than the way Bank of America has set up their system.

There are certification programs and training classes. The Five Star conference is offering all classes and certifications at their annual conference in September. http://www.fivestarconference.com/fsc If you know of other classes please post them here.

We encourage you to post your comments. This may help others that are trying to use this system.