In a move it says will speed closings, Los Angeles-based Equator is now offering mortgage servicers a way to train real estate agents on servicers’ separate processes and requirements for handling short sales and real estate owned (REO) properties.

Equator’s software-based Servicer Specific Training program is offered through the company’s EQ platform, which is used by four out of five of the nation’s biggest banks, including Bank of America, Wells Fargo, and GMAC Mortgage.

In a move it says will speed closings, Los Angeles-based Equator is now offering mortgage servicers a way to train real estate agents on servicers’ separate processes and requirements for handling short sales and real estate owned (REO) properties.

Equator’s software-based Servicer Specific Training program is offered through the company’s EQ platform, which is used by four out of five of the nation’s biggest banks, including Bank of America, Wells Fargo, and GMAC Mortgage.

As part of the new program, Equator creates and produces training materials approved by and customized to the servicer, including short sale and REO manuals, videos, and task guidelines. Servicers can change their specific certification course materials as needed, the company said.

"It’s one thing for real estate agents to have a strong track record of handling short sales and REOs, but it’s quite another to meet the servicer’s unique standards and workflows," said Chris Saitta, Equator’s CEO, in a statement.

"Our Servicer Specific Training adapts to any servicer’s program, ensuring that agents who receive certification from a particular servicer will be more prepared to handle any assignment that comes from that servicer."

For servicers, Equator anticipates the program will reduce the cost of servicing loans, reduce borrower complaints, increase agent compliance, streamline agent selection, boost the quality of selected agents, and increase the success rate of closed transactions.

"Short sales and REOs involve a lot of variables — there’s no such thing as one-size-fits-all when it comes to servicers’ margins, guidelines or objectives," said John Vella, Equator’s chief operating officer, in a statement.

"Servicer Specific Training is a win-win for everyone," Vella said. "Servicers get access to agents who are more conscious of compliance issues and can often help sell their properties more quickly. Real estate agents gain the competitive edge of being knowledgeable professionals in the market, and increase their chances of closing their deals faster. Homeowners benefit from a streamlined transaction with greater speed and fewer headaches."

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription