“The Dodd-Frank bill has created a change and spawned a new product to address lending areas where AVMs were an acceptable valuation product,” Taylor points out in the article.

For more, follow this link to the Mortgage Technology article.

Find the news on the web here.

Find the story about Equi-Trax RPC here.

“An RPC is a successful effort by a loan servicer to speak with a borrower about resolution of a delinquency.”

Exactly right! The Equi-Trax RPC service is making that happen for servicers around the country.

The survey was aimed at understanding the difficulties real estate agents face in completing short sales for their clients. For more information about the survey or to find out more about how Equi-Trax is helping the industry to facilitate effective short sales, contact us today.

Mark Weisgerber from MBA Servicing.

“To be sure, when the work is reconciled by a licensed, certified appraiser the product can be very accurate,” Taylor said. “In addition, with default servicing active and origination volumes down, more servicers have ordered valuation products and they often rely on BPOs during the default process.”

To find out more about the hybrid valuation products Equi-Trax offers or if you’re a professional appraiser seeking a solid partner in a difficult market, contact us today.

“Our Right Party Contact service helps many lenders and servicers who have lost contact with the mortgagee,” said Guy Taylor, CEO at Equi-Trax. “Our agents attempt up to three visits to the home to verify occupancy or to deliver sensitive documents and hopefully help re-establish the client’s contact with borrowers.”

Equi-Trax and its agents are fully bonded and insured and adhere to all legal procedures as specified by the Fair Debt Collection Practices Act (FDCPA); Fair Credit Reporting Act (FCRA) and Health Insurance Portability and Accountability Act (HIPAA).

“Clients need these services more than ever as they make decisions with each asset,” said Taylor. “Our aim is to provide key information to the client to help them decide their next move in the modification or disposition process. Attempting to contact the borrower and the borrower only, in a non-threatening manner, gives our client a better chance at reaching a solution that works for all parties.”

In addition to door knocks, agents will also provide information regarding property condition and leads such as the listing agent’s contact info if they see the property is listed. As a result of the Right Party Contact program, Equi-Trax has helped to speed timelines and identify borrowers that are willing to repay their loans from those that are not.

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions, LP, Santa Barbara, Calif., is a national property valuation firm servicing the U.S. financial services industry. By leveraging AVM technology and the skills of certified appraisers licensed to serve the mortgage industry, Equi-Trax developed a new line of collateral valuation products that combined the best elements of BPOs, AVMs and desktop appraisals. Equi-Trax has earned a leading position in the industry through the use of detailed analytics, quality control, valuation accuracy and service flexibility. The firm’s technology platform uses over 400 data rules and connections to over 17,000 certified, evaluated and performance-rated vendors to give its clients the information they need to manage their risk appropriately at a price they can afford. Find out more about Equi-Trax Asset Solutions at http://www.equi-trax.com.

“According to the survey, 71.9% of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long,” said Guy Taylor, CEO at Equi-Trax. “They would like to see the time period reduced so that deals go through faster and are less costly.”

In addition, almost 10% of short sale transactions require more than 10 months to complete, though 18.2% of deals require less than three months to complete. The survey reflects the views of more than 600 real estate agents who responded to the survey.

When agents are asked to select ways to make short sales easier, 57.6% think lenders should take less time to close the transactions; 14% think borrowers should be better educated about short sales; and 40.4 % think both of these changes are necessary to improve the process. Respondents to this question could select as many answers as they thought were relevant.

“One way to speed the process and help all parties involved in these deals is to ensure that valuations are accurate and current,” said Taylor. “If they are not, the willingness to complete these deals will be reduced and the time they take to complete will increase. That means unnecessary expenses for borrowers and lenders.”

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., has developed proprietary portfolio analytics, well-respected collateral valuations, and powerful borrower outreach programs. Its proprietary solutions produce the most comprehensive and accurate, portfolio analytics and pricing data available in the mortgage business. By leveraging AVM technology and the skills of certified appraisers licensed to serve the mortgage industry, Equi-Trax developed a new line of collateral valuation products that combined the best elements of BPOs, AVMs and desktop appraisals. In addition, Equi-Trax offers the most effective “door knock service” in the marketplace: Experienced, well-trained agents meet with borrowers to assess their ability to pay. The firm’s technology platform uses over 400 data rules and connections to over 17,000 certified, evaluated and performance-rated vendors to give its clients the information they need to manage their risk appropriately at a price they can afford. Find out more about Equi-Trax Asset Solutions at http://www.equi-trax.com.

“Our services, such as our door knock product, have never been more needed than they are now,” said Greg Musso, National Sales Director for Equi-Trax. “Our approach is to offer high quality, cost effective products, supported by great people and with excellent technology. That’s why I look forward to discussing our products with clients.”

In his new role, he is responsible for the firm’s borrower outreach initiatives, such as door knock services, as well as broker price opinions, appraisals and hybrid valuations.

Musso, a 30 year veteran of the mortgage business, joins Equi-Trax from Franklin Credit Management, where he served as a Business Development Regional Manager, offering a complete menu of distressed asset management and servicing products.

Prior to that, as the National Sales Manager of Correspondent Lending for Freedom Mortgage, Musso established the correspondent division and recruited a national sales staff. In addition, he has been on the management teams of several top lenders, including Sovereign Bank and Bank One-Chase, now JPMorgan Chase.

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions, LP, Santa Barbara, Calif., is a national property valuation and door knock services firm, whose products are used by many of the top mortgage lenders. By leveraging AVM technology and the skills of certified appraisers licensed to serve the mortgage industry, Equi-Trax developed a new line of collateral valuation products that combined the best elements of BPOs, AVMs, and desktop appraisals. In addition, the firm’s innovative door knock services have resulted in one of the highest right party contact percentages in the mortgage industry. Equi-Trax has earned a leading position in the industry through the use of detailed analytics, quality control, valuation accuracy and service flexibility. The firm’s technology platform uses over 400 data rules and connections to more than 17,000 certified, evaluated and performance-rated vendors to give its clients the information they need to manage their risk appropriately at a price they can afford. Find out more about Equi-Trax Asset Solutions at http://www.equi-trax.com.