A new loan management system for distressed loans is intended to help mortgage servicers stay in compliance with regulations and requirements.
Loan Management is the name of the new offering from default service provider Equator, a news release Wednesday said.
The product is touted as a centralized compliance and decision tool that works in conjunction with Equator’s existing platform. It enables analysis at the loan level as well as the portfolio level.
Equator says that the system checks for compliance with guidelines and regulations imposed by federal, state and local governments; investors; and the Consumer Financial Protection Bureau.
Once it is determined that the loan is in compliance, the Los Angeles-based firm says that all possible outcomes of the loans are analyzed to determine and recommend the best option to minimize loss.
“Loan Management is the entry point for any loan entering the Equator Platform, so servicers can proactively manage compliance on every loan from the instant it enters the system,” the announcement stated. “They can also use Loan Management’s powerful analytics to determine the optimal outcomes for each loan based on its own unique characteristics.”
An agreement was announced last month for Altisource Portfolio Solutions S.A. to acquire Equator in a $70 million transaction that is expected to close this month.
