“We are excited about this new offering because we believe it is the most comprehensive collateral valuation solution for the price available on the market today,” said Guy Taylor, CEO of Equi-Trax. “Because a property’s condition and its ultimate market value are so closely linked, it makes sense for us to create a valuation model that includes sufficient information on both.”

PICR-AV combines Equi-Trax’s national property inspection force with a suite of automated collateral valuation products that is in line with Dodd-Frank requirements. The cascade includes six options of valuation models that can be selected to examine factors of property information and deliver an accurate valuation in seconds. The new product offers:

• An instant, simple, and accurate value verification tool
• Boots on the ground inspection effectively limits risk
• Easily access values provided by up to 12 additional AVMs
• Offers access to a customized AVM cascade
• Nationwide coverage and ample data volume
• Fully compliant with federal guidelines
• Valuation data for more than 146 million properties, 99.8% of the U.S. population

Equi-Trax is also making available a version of its property and market condition report that is warranted. The warranted PMC combines an AVM with a current view of the subject and neighborhood condition, and it’s backed by insurance coverage from a carrier rated “A” by AM Best. The product complies with the latest inter-agency guidelines. Equi-Trax offers property inspections and valuation products nationwide.

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., has developed proprietary portfolio analytics, well-respected collateral valuations, nationwide appraisal coverage, 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 BPO / CMAs, AVMs and desktop appraisals. In addition, Equi-Trax offers the most effective “door knock service” in the marketplace: Experienced, well-trained agents in the field find borrowers, ensure right party contact and connect them with servicing or default specialists. 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.

“The aim of this partnership is to combine DRI’s workflow automation and process improvement platform with the accuracy and timeliness of Equi-Trax’s BPO / CMAs,” said Fred Melgaard, chief operating officer of DRI. “BPO / CMAs are a key component to servicers’ efforts to address problem loans. We have created a way for servicers to order services, manage the information they receive from providers, and connect seamlessly with Equi-Trax.”

“We were impressed with DRI’s paperless approach to the business, which enables clients to avoid the chaos and confusion of paper-based processes, and instead focus on doing a great job valuing collateral,” said Guy Taylor, CEO of Equi-Trax. “More importantly, efficiencies and cost savings derived from the platform are significant, and depending upon the volume of the client savings, could pay for most if not all of the cost of the technology.”

Equi-Trax will also offer right-party contact services, appraisals, and inspections through the platform.

The system delivers efficiencies through order valuation services, allowing clients to monitor transactions, with the awareness that errors and non-reimbursable duplications are eliminated from the ordering process. Moreover, a rules engine ensures automated systems, and an integrated content management system that stores and tracks transaction information is just a click away.

“All parties can devote themselves to their core competencies, while we remove transaction friction, reduce their costs, and keep the default management process working smoothly,” said Melgaard.

DRI has been a pioneer on the default side of the mortgage business, and has become known for its ability to develop innovative products. “We think this partnership demonstrates the respect the mortgage industry has for the way we run our business and the quality of our services,” said Taylor.

About DRI Management Systems
Founded in 1984 and based in Newport Beach, California, DRI Default Management Services is the industry’s preeminent default solution, offering a suite of integrated default management software that can be used individually or in unison, and which can be interfaced with any other servicing or accounting system. DRI’s award-winning flagship technology, DRI OfficeTM, enables companies to expertly manage, automate and accelerate their servicing of defaulted loans, including prime and non-prime mortgages as well as secured and unsecured consumer loans. The DRI Office platform features a complete array of default management software modules, including: loss mitigation, pre-foreclosure, foreclosure, bankruptcy, REO, litigation, property preservation, administration, and claims and auto/consumer loans. Clients are among the nation’s top servicers. For more information, please visit www.DRIdefault.com.

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., has developed proprietary portfolio analytics, well-respected collateral valuations, nationwide appraisal coverage, 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 BPO / CMAs, 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.

“We are proud to welcome Equi-Trax to our organization” said Bob Dorsa, president of ACUMA. “We look forward to their participation and contribution to our trade group.”

“I have been very impressed with the ACUMA team and the support the organization provides to credit unions on the mortgage side of their businesses,” said Greg Musso, National Sales Director for Equi-Trax. “I just returned from the association’s national conference, and I was very impressed with the quality of the speakers and the in-depth content that they presented to the attendees.” The ACUMA 2011 Fall Conference was held September 26-29 in Las Vegas.

One issue that the speakers focused on was the likelihood of the number of strategic defaults increasing, a tactic that borrowers may pursue even though many of them are up to date on their mortgage payments. They have decided to stop paying because their properties are worth less money than the amount they owe on their mortgages.

“Based on what I learned at the show, many credit unions face an impending problem of strategic defaults,” said Musso. “Unfortunately, the problem cannot be avoided, and now is the time to create an effective strategy for handling strategic defaults to minimize the effect on the financial institution.”

The key for credit unions is to identify borrowers that are likely to pursue strategic defaults, and generate an accurate, current broker’s price opinion so that the lender knows the value of the collateral. Then the credit union can reach out with a professional, experienced door knock service, enabling it to begin conversations with borrowers.

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., has developed proprietary portfolio analytics, well-respected collateral valuations, nationwide appraisal coverage, 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 BPO / CMAs, 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.

“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.

“Each of the field agents that works in our Right Party Contact division are well-trained, experienced professionals that understand the mortgage business and communicate with borrowers in a way that motivates them to take a next step,” said Guy Taylor, CEO at Equi-Trax. “We’ve had outstanding results relative to our competitors because of the quality of people we hire to work as field agents and their knowledge of the mortgage business.”

Many of our agents have law enforcement backgrounds, are veterans of the armed forces or come from industries that can handle any situation with diplomatic skills. Equi-Trax and its certified agents are fully bonded and insured and adhere to all legal procedures as specified by the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA) and the Health Insurance Portability and Accountability Act (HIPAA).

“Our efforts to speak with borrowers as a non-interested third party, provides a better chance at reaching a positive solution that works for all parties involved.” said Taylor. “That’s why we have been so successful. In addition, our state of the art technology platform streamlines the entire workflow process and provides the reporting to meet the new Fannie Mae servicing guidelines.”

About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., is an industry leading special servicer that 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 BPO / CMAs, 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.

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.