Short sales are emerging as the next step in the real estate recovery, with two firms promising to help servicers comply with a new government program that provides incentives for preventing foreclosures by utilizing short sales.
From its booth No. 513 at the Mortgage Bankers Association’s annual servicing conference, Stewart Lender Services issued a statement yesterday indicating it is offering a new solution that helps mortgage servicers process short sales or deeds-in-lieu under the Home Affordable Foreclosure Alternatives program, or HAFA. Stewart said HAFA provides additional options and incentives for borrowers, servicers and investors to use the two alternatives to foreclosure.
“Using an experienced and proven FDCPA-compliant borrower contact center and fully integrated workflows, we can handle properties throughout the distressed asset continuum — loan modification, short sale, deed-in-lieu, foreclosure, asset management and disposition — improving communication among all parties and accelerating transaction completion,” Stewart said.
Also touting HAFA compliance services was MOS Group, which yesterday said it launched a new short-sale support service for the program. The company is “aggressively” expanding staff at its Irvine, Calf., operations to handle the turn-key outsourced services.
MOS noted borrowers must first be turned down for a modification under the Home Affordable Modification Program before becoming HAFA-eligible. Borrowers will need to be contacted within 30 days of eligibility for the program, which goes into effect on April 1.
A strategic partnership was announced today between Epic Real Estate Solutions and National Quick Sale. The alliance provides vendor management for National Quick Sales’s Web-based short-sale platform, which uses automated workflow, notifications and rules-driven task management to reduce short-sale turnaround from weeks to days. Epic, which last year acquired assets from LandAmerica Financial Group’s lenders services division, will provide access to valuations, title work, closing and other services directly from the platform.
Another strategic partnership with REA Accelerated Marketing Group is expected to improve marketing exposure for short-sale listings on National Quick Sale’s automated platform.
A joint marketing agreement between Halo Portfolio Advisors LLC and Employee Transfer Corp. will result in expanded offerings to the companies’ clients, a press release today indicated. The joint offerings include loss-mitigation, REO and short-sale services and are targeted at banks, hedge funds and other financial institutions.
