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Equator Automates Invoicing System For Faster Transactions

Equator Financial Solutions, an online platform used by mortgage servicers to facilitate short sales, has launched an automated invoice program to streamline the invoicing process for lenders, buyers and sellers, real estate agents, and other parties in real estate transactions.

The program, called EQ Invoice Module, makes use of an “intuitive workflow” system where users follow cues on which tasks to perform and when to carry them out, based on information they have previously entered.

The system can be of particular help with distressed mortgages, as it suggests solutions such as loan modification, short sale, or deed-in-lieu of foreclosure when loans are found to be delinquent. It can even check for eligibility in the government’s Home Affordable Modification Program (HAMP) and Home Affordable Foreclosure Alternatives (HAFA).

EQ Invoice Module will also be able to track duplicate information and claim amounts in banks’ portfolios. This allows the program to identify invoices that don’t meet bank standards, or which require a case-to-case evaluation.

Users can also set the program to an auto-approval portal where invoices are approved immediately and on a set schedule, provided all qualifications are met. This makes for faster, more seamless reimbursements, especially on periodic or regularly occurring transactions.

Chris Saitta, Equator’s chief executive, said the update’s main advantage is keeping all the paperwork in a single place and giving users a clear trail of all transactions. The Equator system is currently designed to hold several years’ worth of records.

Equator’s most famous user is Bank of America, who has been handling short sales with the Los Angeles-based company for the past several months.