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Equator, a California-based Altisource business unit and default software provider for residential mortgages and marketing solutions for many of the country's leading services, real estate agents and sellers, announced an agreement with Factom, Inc. to integrate the blockchain of Factom Harmony -as-a-service (BaaS) in the Equator PRO solution.
Equator PRO is a SaaS (software-as-a-service) solution that helps managers improve the efficiency and supervision of suppliers through the predefined support process. Designed for all portfolio sizes, the Equator PRO suite of loan management, loan modification, short sale / deed-in-lieu, foreclosure / bankruptcy and targeted real estate products (REO), provides servicer tools to help manage insolvent loans and REOs and make more strategic and efficient decisions in terms of service costs.
Factom's Harmony BaaS platform harnesses the power of blockchain to create an immutable record of activities, data, events and decisions. Factom's blockchain solutions will provide a distributed mechanism to preserve data, files and digital records, making them verifiable and independently verifiable.
"Equator is committed to providing technologies that ensure transparency and compliance throughout the default process," said Patrick G. McClain, Senior Vice President of Equator and Hubzu Auction Services of Altisource. "The integration of Factom's blockchain tools will support our customers' compliance obligations In Equator, we work regularly to improve and advance our default support technology, and add cutting-edge tools such as Factom & # 39; s Harmony is another example of our ongoing leadership. "
The addition of Factom & # 39; s Harmony offers Equator customers the opportunity to incorporate the recording of data, documents and key audit events on Factom's blockchain solution. Factom & # 39; s Harmony provides options for individual loans to be traced as individual blockchain data chains. This design allows Equator PRO customers to integrate blockchain retention into their various workflows, allowing them to create an immutable and encrypted blockchain audit record for each loan and each workflow step.
"At Factom we know that a blockchain solution is needed to specifically address complex business data and documents," said Laurie Pyle, COO of Factom. "We are looking forward to working with Equator, which shares the vision of using blockchain technology to bring transparency and efficiency to the default support process."
Equator PRO with Harmony offers a blockchain technology solution to help solve the complexities of the default mortgage process. The combination of Equator's powerful workflow technology and Factom blockchain offers default mortgage participants the opportunity to improve the monitoring, management and collaboration within the default support process. In this model, each part stores its documents, files and data securely within its data centers, while at the same time providing confidentiality on the integrity of the shared and accessible information.
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