Equiant Selected as Back-Up Servicer and Custodian for Westgate Resorts’ Recent Securitization of $275 Million in Timeshare Loans
Equiant, a Chandler, Arizona-based loan servicer and financial technology provider, has been selected to provide back-up servicing and document custody services for the July securitization of $275 million in timeshare loans by Westgate Resorts, an Orlando-based timeshare resort developer and operator with 29 resorts in 10 states.
“We want to congratulate Westgate Resorts on completing this securitization in the face of a world pandemic and volatile market conditions,” says Peter Moody, Equiant’s Chief Business Development Officer. “This indicates the investor community’s faith in Westgate’s business model, so we are certainly pleased that Westgate has repeatedly selected Equiant to support their successful and experienced team.”
“We are excited to utilize Equiant’s services as back-up servicer and custodian on our most recent 2020-1 Securitization,” says John Willman, Treasurer and Vice President of Mortgage Services for Westgate. “This expands upon our longstanding relationship with Equiant as a back-up servicer and custodian on our Bank Receivables Lines. We have full confidence they will provide outstanding service in this expanded role.”
Equiant’s back-up servicing plans include customized solutions, ranging from “hot,” “warm” or “cold” servicing, which denotes the time required for Equiant to assume the duties of a primary servicer. Providing additional assurance to Equiant’s clients, DBRS Morningstar has reviewed the company’s operations and deemed Equiant an acceptable back-up servicer and custodian for timeshare transactions rated by DBRS Morningstar. Equiant has also achieved the Payment Card Industry Security Standards Council’s highest level of certification: PCI Certification Level 1.
“At Equiant, we are committed to providing best in class services and technology to our clients,” Moody says. “We are continually investing in our staff, technology, and systems, which allows us to deliver outstanding client support while providing a wide range of services and products at a compelling fee structure.”
Equiant is one of the United States’ leading structured finance servicers with a portfolio that exceeds $1.5 billion and includes more than 175,000 individual consumer loans. Its array of financial products and services includes loan receivables and maintenance fee servicing on a fully hosted web platform, PaaS receivables technology, point of sale merchant processing with PCI Level I compliance, document custody (including digital), integrated payments, integrated reporting, integrated communications, and now integrated contact center tools for early-stage recovery and delinquency control. To learn more about Equiant’s industry-leading receivables servicing and financial technology, call Moody at (480) 636.4888 or visit www.equiant.com.
About Equiant
Equiant is one of the United States’ leading structured finance servicers with a portfolio that exceeds $1.5 billion and includes more than 175,000 individual consumer loans. Its array of financial products and services includes loan receivables and maintenance fee servicing on a fully hosted web platform, PaaS receivables technology, point of sale merchant processing with PCI Level I compliance, document custody (including digital), back-up servicing plans, integrated payments, integrated reporting, integrated communications and now integrated contact center tools for early stage recovery and delinquency control. For more information about Equiant’s industry-leading receivables servicing and financial technology, visit www.equiant.com.
About Westgate Resorts
Westgate Resorts is one of the largest timeshare resort developers in the United States. Founded in 1982 by David Siegel, the company is headquartered in Orlando with themed destination resorts nationwide, featuring 14,000 luxury villas and hotel rooms in popular vacation destinations such as Orlando, Miami Beach, Daytona Beach, Cocoa Beach, and River Ranch, Florida; New York, New York; Park City, Utah; Las Vegas, Nevada; Myrtle Beach, South Carolina; Gatlinburg, Tennessee; Williamsburg, Virginia; Mesa, Arizona; Branson, Missouri; and Tunica, Mississippi. Most Westgate resorts feature a variety of unique restaurant, retail and spa concepts, including Drafts Sports Bar & Grill, Westgate Smokehouse Grill, Edge Steakhouse, Westgate Marketplace & Deli, and Serenity Spa by Westgate. For more information about Westgate Resorts, please visit www.westgateresorts.com.
