Fresh Article Ranks Lenders In Short Sale Quickness
Today’s topic revolves around a story written by Jon Prior. The item was written about the swiftness of short sales. Deutschbank recently ranked banks as to how quickly they completed short sales.
GMAC pulled down the leading position by closing short sales, on average, sixty days from the day the loan became 2 months delinquent. Wells Fargo, which placed third in the rankings, averaged eight months to close a short sale. Wells Fargo has grown its home prevention team by more than 140% since the start of 2009. The lender hired greater than 10,000 people to help alleviate the short sale stack and curb foreclosures. That is a huge number!
Bank of America currently has 1500 and they are adding another 1500, to help out. Nevertheless, Bank of America uses the Equator system which streamlines the program quite a bit.
For prime mortgages GMAC conducted short sales the fastest, averaging roughly 6 months per transaction. The next fastest servicer was Citigroup, averaging approximately 7 and a half months per deal.
So, the article mentions GMAC, Citigroup, Wells Fargo, and Bank of America. On the other hand, there was a lender omitted from this story, that is, Chase bank. That is because Chase totally refuses to have a streamline method. The rest of the major lenders have improved their short sale procedure.
It’s good to recognize that GMAC, CItigroup and Wells Fargo are doing fine with short sales. If you are having difficulty at some of those 3 banks, remember that the heads of these companies want their processes to get better. So, if you are escalating at any of these banks, the supervision is very accommodating.
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