Recent Editorial Ranks Lenders In Short Sale Speed
Today’s subject revolves around a story written by Jon Prior. The article was written regarding the speed of short sales. Deutschbank just ranked banks as to how fast they completed short sales.
GMAC pulled down the top spot by completing 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 complete a short sale. Wells Fargo has grown its home prevention personnel by more than 140% since the start of 2009. The lender hired greater than 10,000 people to help lighten the short sale stack and curb foreclosures. That is a gigantic number!
Bank of America presently has 1500 and they are adding an additional 1500, to help out. Nevertheless, Bank of America uses the Equator system which streamlines the method quite a bit.
For prime mortgages GMAC conducted short sales the fastest, averaging about 6 months per contract. The next best servicer was Citigroup, averaging about 7 and a half months per deal.
So, the piece mentions GMAC, Citigroup, Wells Fargo, and Bank of America. On the other hand, there was a bank omitted from this story, specifically, Chase bank. That is because Chase absolutely refuses to have a streamline program. The rest of the major lenders have improved their short sale process.
It’s good to recognize that GMAC, CItigroup and Wells Fargo are doing well with short sales. If you are having difficulty at one of those three lenders, remember that the heads of these businesses want their processes to advance. So, if you are escalating at any of these lenders, the supervision is very accommodating.
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